SoftBank-backed Indonesia-based healthcare startup Alodokter has raised US$33 million in its Series C funding round partly to finance its hospital network integration plan.
In a statement, Alodokter said the fundraising was anchored by Sequis Life, a middle-sized life insurer in Indonesia, and backed by Philips, Heritas Capital, Hera Capital, Dayli Partners, and others.
Existing investors SoftBank Ventures Asia and Golden Gate Ventures also participated in the round. Part of the fresh capital will be used to further develop Alodokter’s health insurance service.
Alodokter first raised US$600,000 in its seed round in 2015 and then secured US$2.5 million in a Golden Gate Ventures-led Series A round in 2016. SoftBank Ventures Asia led the firm’s US$9-million Seris B round in 2017.
Founded in 2014 by Nathanael Faibis, Alodokter is a health portal that provides users with content and interaction with qualified Indonesian doctors. Patients can chat with doctors, book appointments, and manage their health insurance through the platform.
The firm said its platform, which has a network of 200,000 doctors and 1,000 hospitals and clinics, has over 20 million monthly active users.
“Indonesia’s medical system has been going through massive changes over the last 10 years and is keener to embrace digital innovation than more mature markets. Indonesia is becoming one of the first digitally native medical systems in the world. That’s been one of the key factors for the hypergrowth we have been experiencing since our launch” Faibis said.
In 2018, the company launched a health insurance called “Alodokter Protection”, where policyholders can subscribe, pay, and claim directly in the app. They can also access a suite of premium services, such as unlimited online consultations and premium access to hospitals.
Indonesia’s private health insurance market remains largely untapped with a penetration of less than 2 per cent, 10 times lower than its neighbour Malaysia.
“The company is building the ‘insurance of the 21st century’, which not only provides financial protection but also guides patients in their medical journey towards the right medical solutions,” Alodokter said.
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