Medici, a Vietnam-based one-stop healthcare and insurance platform, said Thursday it has raised an undisclosed amount in its pre-Series A round co-led by Wavemaker Partners and Jungle Venture, with participation from its existing investor Insignia Ventures Partners.
The company will use the fresh funds to scale up its insuretech footprint, expand its healthcare offering, and hire across different roles in the organization, Medici said in a statement.
With this fresh funding, Medici also to scale up its nationwide insurance agent network and advance its technology capability to empower traditional agents with data-driven marketing and customer service tools.
The company will also be expanding its healthcare ecosystem across more specialties by onboarding more influencer doctors and developing a wider selection of healthcare products on their marketplace customized for the Vietnam market.
To implement these growth initiatives, Medici will also be ramping up hiring across all positions.
“Medici is fast-becoming the one-stop platform for Vietnamese to secure and manage their healthcare. As we cover more aspects and pain points in Vietnamese healthcare, we continue to grow our highly localized team of seasoned operators and industry veterans,
“Through our latest round, we welcome the support of Wavemaker Partners and Jungle Ventures who are also invested in addressing both the insurance and healthcare needs of the region, and thank Insignia Ventures for their continued support,” said Duc Anh Ngo, Founder and Chief Executive Officer of Medici.
Founded in 2019 by Duc Anh Ngo, Medici’s vision is to make healthcare and insurance more accessible and affordable to the masses in Vietnam. The company brings an unique approach to increasing healthcare access and protection in Vietnam through its holistic healthcare ecosystem that has expanded from telemedicine to a marketplace and most recently, insurance.
In the last two years alone, Medici has grown to be the largest in-house doctor influencer network in Vietnam, with partnerships with over 50 hospitals and clinics for health screenings, a drugs and supplements marketplace, and over 100,000 e-health profiles documented on their platform.
Further, in July 2021, Medici launched its insurance business with the brokerage license issued by the Ministry of Finance, being the first tech startup in Vietnam to do so. Bolstered
through its partnerships with FWD, Cathay Life, Liberty Insurance, Bao Viet Insurance, PVI, PTI and Bao Minh Insurance, the company is seeing 100 percent month-on-month growth in its insurance business.
Vu Ba Tuyen, ex-Deputy CEO of Hanwha Life, with more than 20 years experience in the insurance industry, has been appointed as the Deputy Chief Executive Officer of Medici in charge of Medici’s insurance business.
“Through the expansion of Medici’s healthcare ecosystem into insurance, we are taking an unique and more holistic approach to drive greater affordability, accessibility and personalisation of healthcare services for our customers. For our business, this evolution into insurance extends Medici’s customer-life-time value beyond the typical healthtech or insuretech platform,” said Vu Ba Tuyen, Deputy Chief Executive Officer of Medici.
Meanwhile, Wavemaker Partners General Partner Gavin Lee opined that the continuous evolution of Medici’s healthcare ecosystem will be built on the company’s local advantage.
“With their deep expertise and strong grasp of local market nuances, the Medici team is well-positioned to fill the stark gap in the Vietnam healthcare system, where there’s a relatively low 1:1,000 doctor-to-patient ratio, fragmentation of data with no centralized Electronic Medical Records platform, and more than 80 percent of over-the-counter (OTC) purchases made without prescriptions,
“Medici has seen impressive organic growth from a telemedicine health tech to a comprehensive wellness platform offering customers relevant preventive products, and we look forward to supporting them as they pursue their next milestones,” he said
Wavemaker Partners is Southeast Asia’s go-to early stage venture capital firm investing in business to business (B2B), business to business to consumer (B2B2C), deep tech, and impact startups. Since 2012, it has backed more than 160 companies, of which more than 120 (85 percent) are in B2B and deep tech. The firm has over $600 million in asset under management (AUM) and has seen multiple of the largest B2B exits in the region.
“The ongoing pandemic has exposed the vulnerabilities in the healthcare industry, underscoring the fact that technology is the future of the healthcare industry. Medici is addressing the critical healthcare infrastructure gap in Vietnam by improving healthcare access and insurance coverage through technology,
“It’s a fantastic business with a tremendous growth potential, and we are incredibly excited to partner with Duc Anh Ngo and the entire team at Medici, and support their next stages of growth by leveraging our expertise and global network,” said Yash Sankrityayan, Managing Partner at Jungle Ventures.
Jungle Ventures is a Singapore based venture capital firm focused on early to growth-stage companies in Southeast Asia and India, with a focus on building long lasting businesses. Jungle Ventures partners with the region’s most exciting founders to build high growth, capital-efficient technology businesses, and supports their growth from seed to unicorn, and intial pubic offering (IPO) stage. Its portfolio includes regional and global category leaders like Kredivo, Moglix, Pomelo, Livspace, Builder.ai, Sociolla and more.