Singapore-based health tech firm Docquity announced Monday that it has raised a total of $44 million in its Series C financing round, led by existing investor Japan’s Itochu Corporation who invested $32 million in the round.
Other investors supporting this round included iGlobe Partners, Alkemi, Global Brain, KDV and Infocom, Docquity said in a statement.
To date, Docquity has raised $57.5 million. The funding round comes on the heels of almost two-fold growth in revenue achieved in 2021.
This new funding will further strengthen Docquity’s scale in its operations within existing markets and drive the company’s on-going growth momentum in Asia and globally.
According to the statement, this latest investment will be used to further strengthen Docquity’s presence across Southeast Asia, including Indonesia and the Philippines, and further penetrate into new markets in North Asia such as Japan and the Taiwan region – building on the growth momentum in Asia.
In addition, Docquity aims to expand into the Middle East, starting with the United Arab Emirates, Saudi Arabia and Egypt.
Beyond new markets, Docquity will be enhancing product capabilities, as well as introducing new initiatives – Docquity Academy (Cohort based learning for doctors in partnership with universities and senior medical practitioners); Docquity Clinic (a doctor-owned virtual clinic, primarily for the doctors to have follow-up consultations with their patients); Docquity Insights (develop a deeper understanding of the needs and wants of doctors through data).
“Investors are seeing that we are able to achieve what we set out to do. We are now reaping from the foundations that we have built over the years; enabling Southeast Asia’s largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors,” said Docquity Chief Executive Officer and Co-Founder Indranil Roychowdhury.
He also said this round of funding affirms the opportunities and potentials in Docquity’s scalable business model.
“As we continue to connect healthcare professionals globally to build healthier lives at scale, it’s incumbent on us to continue to push boundaries as a nexus app for doctors – wherever they may be – to learn, connect and grow as a trusted healthcare community in a digital world,” he added.
Docquity claimed itself as the Southeast Asia’s largest trusted professional community of healthcare professionals. Its vision is to connect healthcare professionals to build healthier lives around the world at scale.
The firm helps healthcare professionals to be more collaborative, productive and impactful and partners with companies to reach, educate healthcare professionals and gain insights on them.
The firm has more than 300,000 doctors on the platform and has offices in India, Indonesia, the Philippines, Malaysia, Singapore, Thailand, Vietnam and the Taiwan region.
“It has been our great pleasure to invest in Docquity. We have seen the company grow from strength to strength since the early days – from bringing in some of the best people to scaling the business into a thriving community of doctors and clients in Southeast Asia,
“We are excited to further support the expansion of Docquity’s business in Asia,” said Hiroshi Kajiwara, Executive Officer, Chief Operating Officer, ICT Division, ICT and Financial Business Company of Itochu Corporation.