Medici, a Vietnamese health technology startup, announced raising an undisclosed amount in its seed funding round. At the same time, the company secured an insurance broker license in the country.
In a statement, Medici said the funding round was led by Singapore-based venture capital firm Insignia Ventures.
The startup said it will use the fresh funding to roll out insurance services as part of the company’s ecosystem of healthcare services for Vietnam, which also includes telemedicine, health screenings, and a marketplace for drugs and supplements.
The secured funding and license come at an exciting time for Medici with 100% quarter-on-quarter topline growth and 20% monthly user growth, and offers opportunities to sustain the company’s momentum as a leading, local healthtech platform in Vietnam.
Founded in 2019 by serial entrepreneur, Fulbright MBA alumnus, and ex-Grab executive Duc Anh Ngo, Medici began as a telemedicine service for mobile consultation with doctors in their network, addressing the underserved in Vietnam given the 1:1000 doctor-to-patient ratio in the country.
Medici’s network now includes the largest in-house doctor influencers in Vietnam, and has grown into a 200k-strong community across social media channels including TikTok and Facebook. Medici has also partnered with over 50 hospitals and clinics across the country, enabling the company to provide health screenings for their users.
This medical network will be critical in the rollout of Medici’s insurance products and services, as doctors, clinics, and hospitals can then assist customers in policy consulting and claims management.
Then the company built a marketplace enabling access and promoting transparency around drug and supplement purchases, with 80% of over-the-counter purchases made without prescriptions and prices for supplements fluctuating up to 5-7x their normal price.
The market the company serves in Vietnam also goes beyond individual users and families. Medici has also rolled out its services through businesses, with more than 100 corporate partners including Shopee, Garena, VNLife, PropertyGuru, Wilmar Vietnam, Misa, Giaohangtietkiem, and many other conglomerates in Vietnam.
Medici has also already secured partnerships and agreements to co-launch products with top insurance companies in the country including FWD, Bao Viet Insurance, PTI, PVI, VBI, and Bao Minh Insurance.