Fund Raising
Healthcare Company Docquity, Raises $44M Series C Funding
Docquity has raised $44m series c funding led by returning investors Itochu corporation
Southeast Asia’s largest professional community of healthcare professionals, with more than 350,000 doctors on board, Docquity has raised $44m series c funding led by returning investors Itochu corporation, which put in $32 million as well as other investors.
Co-founder of Docquity Indranil Roychowdhury, disclosed that the company was established in 2005 to help doctors collaborate in the same way, at scale in different countries, after disclosing how his father was hospitalized with a life-threatening condition.
He went on to reveal how an emergency room doctor initially told him that there was no chance of survival, but then another doctor called one of his peers in the United States, and they came up with an alternative treatment plan that worked.
Mr. Roychowdhury disclosed that after his father’s experience, he and his co-founders, Amit Vithal and Abhisek Wadhwa, wondered why “in today’s day of social media, it took a phone call to save someone’s life.”
The new capital raised brings Docquity’s total funds raised to $57.5 million. The funding will be used to grow Docquity in its existing markets, like Indonesia and the Philippines, and enter new ones, including Japan, the United Arab Emirates, Saudi Arabia, and Egypt.
The company launched in Taiwan, where more than 2,000 doctors have signed up so far. It also witnessed a two-fold revenue growth in 2021.
Docquity currently has a team of 300 people and aside from its Singapore headquarters, it has a tech and engineering hub in Gurgaon, India, and other offices in Indonesia, the Philippines, Malaysia, Thailand, Vietnam, and Taiwan.
The company has three core features; The first is Docquity Academy, partners with universities and senior medical practitioners to create learning tools for doctors.
The second, Docquity Clinic, allows doctors to have follow-up consultations with their patients. Finally, Docquity Insights takes data about user engagement on the platform to understand what they need.
In addition to giving doctors tools to connect and collaborate, Docquity has partnered with more than 250 medical associations in Southeast Asia to develop learning modules, which can be used to earn compulsory continuing medical education (CME) credits. Through this initiative, Docquity reveals that so far, its platform has enabled doctors to earn a total of 4.2 million CME credits.