Singaporean telehealth platform ORA has raised a $10 million Series A funding co-led by TNB Aura and Antler.
The round also saw participation from Gobi Partners, Kairous Capital and GMA Ventures, bringing total funding to date above $17 million, ORA said in a statement on Wednesday.
With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.
Later this year, ORA’s brands will arrive in retail across 1300 tier one stores bringing its accessible, medically-backed range of products to shelves.
The firm is also looking at different geographies there are opportunities to expand into regions like the Gulf Cooperation Council (GCC).
“ORA is on a mission to deliver high touch, high-quality care to millions of patients and with our continued growth story throughout Southeast Asia (SEA), we are thrilled with the announcement,” said Elias Pour, ORA’s Founder and Chief Executive Officer.
According to him, ORA has had over 6 million patient touch points provide the firm with valuable health data through extensive health evaluations and consultation online,
“This has brought unique insights into these patient’s healthcare expectations that has and will inform future innovations with our key partners,” he said.
He also said the firm has the high growth potential of DTC, with a very high percentage of healthcare expenditure in its region being out of pocket.
This is powered by an underlying software as a service (SAAS) type of recurring revenue, with subscriptions counting for more than 70 percent of its revenue, he said.
“We achieved post marketing breakeven at the end of last year on a group level after just 20 months of going live and have a very clear and believable path to profitability that is imminently ahead of us,” he added.
ORA is a vertically-integrated telehealth platform in South East Asia delivering over 250,000 consultations and uninterrupted monthly growth since its 2021 launch.
The firm has launched three brands that serve the modern patient living with chronic conditions, making treatment more accessible, convenient and personal.
Modules is a first to market online dermatology experience making personalized, prescription skincare accessible with 676 different formulations; andSons offers male health solutions and OVA delivers female reproductive healthcare.
Founded by former ZALORA Chief Marketing OFficer Elias Pour, ORA is positioned with a diverse, proven leadership team with rich backgrounds across health, tech and consumer brands.
Backed by a robust medical advisory board, ORA’s research and development (R&D) team draws on experience from L’Oréal and Sephora creating high-touch products and experiences that are IP’d and 100 percent in-house developed.
It is noted that 90 percent of ORA’s patients are first to condition, under 38 years old and have never been treated before.
The disconnect between this younger patient population and the traditional healthcare model is ORA’s biggest opportunity.
These new patients have a different set of demands such as flexibility and speed which ORA’s telemedicine model is perfectly placed to treat.
ORA’s end-to-end experience joins up the fragmented traditional model, linking consultation, education, pharmacy, delivery and post purchase care for unparalleled
convenience.
“Since ORA’s early days, TNB Aura has been a firm believer and strong supporter of Elias and the ORA team in their
unwavering mission to provide access to affordable high-quality healthcare,” said Charles Wong, Founding Partner at TNB Aura.
According to him, their combined focus on specialized, and often taboo, healthcare verticals as well as a direct-to-patient approach has led the team to clearly differentiate itself while delivering market-leading unit economics that meet the tailored needs of patients across the full value chain.
Teddy Himler, Global Partner at Antler, said that ORA’s team has learned from the extraordinary rise of telehealth globally and has applied it masterfully to the idiosyncratic
(and often challenging) South East Asia region.
“We are inspired and supportive of their mission to become the ‘Healthcare House of Brands’ for the 1 billion people in South East Asia and GCC who are underserved by the traditional healthcare system,
“We think ORA’s platform approach is the future of direct-to-patient healthcare globally,” he added.
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