WhiteCoat, Singapore’s leading telemedicine platform for on-demand remote healthcare services, has raised S$10.8 million in a Series A round led by the GEC–KIP Technology and Innovation Fund, co-managed by Korea Investment Partners (KIP) and Singapore-headquartered Golden Equator Capital (GEC). The funding marks the largest Series A raised by a Singapore-based telemedicine company to date, with participation from a decorated list of investors including Deep Tech investor, SGInnovate, and Asia Resource Corporation.
The oversubscribed round follows swiftly from WhiteCoat’s stellar performance amidst unprecedented telehealth adoption and utilisation worldwide. In 2020 alone, the company experienced an 8-time increase in revenue and a 7-fold surge in consultation figures, powered by its cutting-edge end-to-end telemedicine capabilities.
WhiteCoat plans to use the proceeds to cement its dominance in the local telemedicine space and accelerate its regional footprint, in particular, its initial entry into key Southeast Asian markets. The funding will also allow WhiteCoat to enhance its proprietary full-stack telemedicine platform by doubling down on product development and engineering, and further expand its suite of remote healthcare services, which has rapidly diversified in the past year to encompass in-home diagnostic testing, specialist care and mental wellness services in addition to virtual primary care.
Presently, WhiteCoat’s mobile application connects consumers to an extensive and curated network of medical practitioners and allied healthcare professionals for a best-in-class telehealth experience. Bolstered by its ongoing partnership with AIA, the largest publicly listed pan-Asian life insurance group, WhiteCoat is well-positioned to leverage its insurer integration expertise in new markets across the wider Southeast Asian markets.
Bryan Koh, CEO and Founder of WhiteCoat, said, “WhiteCoat has been on a sharp growth trajectory even before COVID-19, propelled by an influx of first-time patients and strong repeat usage from our existing base. We see this investment as an endorsement of our vision in making WhiteCoat the first touchpoint for all healthcare needs. With this investment, we will further develop and scale our technology and services and create transformative and smart healthcare solutions which benefit patients, healthcare professionals and insurers across the region.”
Synclare Kim, Managing Director and Head of KIP Singapore on behalf of the GEC-KIP Fund, added: “WhiteCoat’s demonstrated service excellence and track record of providing high quality, timely and affordable care have set them apart from their counterparts, and we are confident that the team is in the best position to improve accessibility to, and set even higher standards for healthcare in, the broader regional communities. We are thrilled to welcome WhiteCoat into our fold of high growth companies and to provide support in this critical next stage of its development, especially in a time when remote care has never been more important.”
“SGInnovate’s investment interest lies in supporting high potential companies with novel solutions to solve tough challenges. WhiteCoat is one great example that offers a comprehensive and seamless suite of telemedicine services such as primary care, chronic disease management and specialist care, through their one-stop digital platform that enables registration, consultation to prescription and delivery of care to users. We believe that their regional expansion will be a success through partnering with key players like AIA, further driven by current demand for telehealth, and look forward to being part of their growth journey,” said Dr Lim Jui, CEO, SGInnovate.