Med247, a health technology startup in Vietnam, has raised $4.5 million in an oversubscribed Series A funding round led by Altara Ventures.
The round also attracted the participation of Pavilion Capital, MiRXES and angel investors East Ventures and Venturra Ventures.
WHAT IT DOES
Launched in 2019 with seed funding from venture capital investment firm KK Fund, Med247 operates on an offline-to-online model. It provides a telehealth mobile app that allows users to book clinic appointments, access remote teleconsultation with physicians, retrieve electronic health records, and order prescription drugs and tests for delivery.
The app also includes a screening tool powered by PPG technology and AI to obtain users’ vital signs through a smartphone camera.
On the offline side, the startup runs a network of supermarket-type family clinics that provide multi-specialized healthcare and technology support.
WHAT IS IT FOR?
Based on a LinkedIn announcement, the new funding will be used to set up more family clinics, growing the number to over 70 by the year, from just four by the year. It also plans to establish a training academy for doctors and nurses and accelerate R&D efforts.
WHY IT MATTER
According to CEO and co-founder Tuan Truong, Med247 was intended to be a one-stop shop for primary and preventive care, pharmaceuticals, clinical services and telemedicine.
“From day one, our mission has been to reinvent the virtual healthcare model and improve access to healthcare for patients in primary care and informal care in Vietnam,” said Med247 COO and co-founder Thao Nguyen.
In Vietnam, there are about nine doctors for every 10,000 patients, which is close to the World Health Organization standard but far from the 36:10,000 doctor-patient ratio recommended by the Organization for Economic Co-operation and Development.
Early in the month, his fellow Vietnamese startup Jio Health, which also operates an offline and online healthcare ecosystem, scored $20 million in a Series B funding round, the proceeds of which will be used for its local and international expansion, as well as the addition of more smart clinics across Vietnam.
Another local startup, online pharmacy Medigo, received $1 million in investment last September, which it will use to introduce more offerings, including telemedicine.