After it successfully earned $38.8 million from Series C1 of its funding round, Doctor Anywhere (DA) has announced its acquisition of Catalist-listed Asian Healthcare Specialists (SGX:1J3), an integrated healthcare provider in Singapore.
The regional tech-led healthcare company that is also based in Singapore said its recent acquisition is a strategic step to further DA’s long-term growth ambitions. It will also enable DA to deliver more holistic healthcare and meet the rising demand for complex and specialized treatment across Southeast Asia.
“Our goal at Doctor Anywhere is to build a digital healthcare ecosystem to enable better patient outcomes and help shape the future of healthcare in Southeast Asia. With consumers across the region seeking higher quality and more personalized care, the acquisition of Asian Healthcare Specialists strengthens our capabilities beyond our successful primary care services, enabling us to deliver more integrated, holistic care and greater value for our users,” said Lim Wai Mun, Founder & CEO of Doctor Anywhere.
Asian Healthcare Specialists is a group that consist of 14 medical specialists, with a patient-first approach and a vision to make specialized care accessible to all. Its 12 specialist clinics across multidisciplinary specialities comprise of orthopaedics, ophthalmology, dermatology, urology, gastroenterology, otorhinolaryngology, anaesthesia, family medicine and rehabilitation. All of these complement DA’s regional healthcare services and offer consumers greater access to complex treatments.
Wai Mun said they continue to be on the lookout for synergistic opportunities and targeted acquisitions of critical healthcare assets across the region, which will enable them to further the work that they have started on building a regional healthcare ecosystem that leverages technology and innovation.
He said that having a more diversified and holistic range of integrated healthcare service offerings will enable DA to deliver greater value and impact to elevate the region’s healthcare outcomes.
Dr. Chin Pak Lin, Chief Executive Officer of Asian Healthcare Specialists Limited, said they are very excited to join Southeast Asia’s largest omni-channel healthcare provider and bring their well-established specialist care expertise to the group.
Coupled with shifting demographics, technological innovations, and the diverse nature of healthcare infrastructure across Southeast Asia, they are currently sitting at the nexus of potential transformation.
Lin said he looks forward to working closely with DA to bridge the gap between primary and specialized care to provide seamless, holistic care that transcends boundaries and statuses after they made an investment in Series C1.
The funding round that earned $38.8 million was led by Novo Holdings, a leading international life science investor. Other existing shareholders, including Asia Partners, Kamet Capital, Square Peg, IHH Healthcare, EDBI and OSK-SBI Venture Partners also participated in the round.
DA said they will use the additional investment to accelerate their growth and to partly fund the acquisition of Asian Healthcare Specialists. This comes a year after the company also raised $65.7 million in Series C in August 2021.
This brings to $140 million the total capital raised by Doctor Anywhere.
The August 2021 round was the largest private funding round by a healthtech company in Southeast Asia.
Dr. Amit Kakar, Senior Partner and Head of Novo Holdings Equity Asia, said that Doctor Anywhere has shown an exceptional good track record since its inception.
And to date, it has already established itself as a regional leader in healthcare, successfully integrating seamless online and offline approaches to bring easily accessible and affordable healthcare to millions across Southeast Asia.