{"id":3227,"date":"2021-02-25T09:06:18","date_gmt":"2021-02-25T09:06:18","guid":{"rendered":"https:\/\/www.odoc.life\/?p=3227"},"modified":"2021-04-05T05:59:43","modified_gmt":"2021-04-05T05:59:43","slug":"funding-alert-healthtech-startup-odoc-raises-1m-in-pre-series-a-funding-round","status":"publish","type":"post","link":"http:\/\/3.7.237.78\/ta\/blog\/funding-alert-healthtech-startup-odoc-raises-1m-in-pre-series-a-funding-round\/","title":{"rendered":"[Funding alert] Healthtech startup oDoc raises $1M in pre-Series A funding round"},"content":{"rendered":"
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[Funding alert] Healthtech startup oDoc raises $1M in pre-Series A funding round<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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From left: CEO Heshan Fernando, Chief Growth Officer Nare Bandaranayake, <\/em><\/strong>Chief Medical Officer Dr. Janaka Wickramasinghe and COO Ashik Bari\u00a0<\/em><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Business-to-business telemedicine app\u00a0<\/strong>oDoc on Tuesday announced it has raised $1 million in pre-series A funding.<\/p>

Existing investor\u00a0Techstars\u00a0<\/strong>led the investment round, along with Silicon Valley venture capital firms\u00a0Hustle Fund\u00a0<\/strong>and\u00a0Unpopular Ventures<\/strong>. Other notable investors included Cherif Habib, Co-founder of Dialogue, a Canadian telemedicine startup with over $50 million in ARR; Vir Kashyap, Co-founder of Babajob; and LPs Bill and Leonard Lynch.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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THE INVESTMENT WILL BE USED TO EXPAND OPERATIONS AND CREATE A SEAMLESS CUSTOMER EXPERIENCE ACROSS THE HEALTHCARE AND INSURANCE VERTICALS.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Founded in 2017 by\u00a0Heshan Fernando\u00a0<\/strong>(CEO),\u00a0Nare Bandaranayake\u00a0<\/strong>(Chief Growth Officer),\u00a0Janaka Wickramasinghe\u00a0<\/strong>(Chief Medical Officer), and Ashik Bari\u00a0<\/strong>(COO), oDoc connects patients with doctors for video consultations and fulfils home diagnostics and medicine delivery.<\/p>

Based in Sri Lanka,\u00a0the app also provides a plug-and-play telemedicine solution for users. oDoc operates on a subscription model that starts at Rs 15 per user per month for unlimited video, audio, and chat consultations with doctors.<\/p>

The company claims to have witnessed five times growth in revenues in 2020, while maintaining healthy unit economics.<\/p>

\u201cThis growth was fuelled by the pandemic, which was a watershed for the global telemedicine industry,\u201d the founders said in a press release. \u201coDoc saw mass adoption across both patients and practitioners, with telemedicine being the only option for non-urgent healthcare during the lockdown.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The company also launched the Sri Lankan National Telemedicine Platform during the pandemic on behalf of the country\u2019s health ministry as a corporate social responsibility project, enabling Sri Lankans to obtain free medical advice from any corner of the country.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u201cAT ODOC, WE STRIVE TO MAKE HIGH-QUALITY HEALTHCARE UNIVERSALLY ACCESSIBLE, AFFORDABLE AND PERSONAL,\u201d FERNANDO SAID. \u201cWE ARE EXCITED TO TRANSITION TO THE NEXT PHASE OF GROWTH, MOVING FROM A STARTUP TO A SCALE-UP, AND ARE THRILLED TO HAVE SOME OF SILICON VALLEY\u2019S BEST VENTURE BUILDERS BACKING US.\u201d<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Currently, the company has a network of more than 1,000 partner doctors, reaching out to 200,000 people, and over 65 corporate entities in Sri Lanka, India, the Maldives, and Cambodia.<\/p>

\u201cWe are pleased to back Heshan and the oDoc team as they have demonstrated grit and capital efficiency,\u201d said\u00a0Shiyan Koh<\/strong>, Managing Partner at Hustle Fund. \u201coDoc is taking on one of the most important problems we face \u2014 timely and affordable access to healthcare. Consumers\u2019 willingness to use digital health solutions has only accelerated during the COVID-19 pandemic and we see multiple paths to growth here.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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View Article on myfinancial.tech<\/a><\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Back to oDoc Blog<\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Back to oDoc Blog<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

[Funding alert] Healthtech startup oDoc raises $1M in pre-Series A funding round From left: CEO Heshan Fernando, Chief Growth Officer Nare Bandaranayake, Chief Medical Officer Dr. Janaka Wickramasinghe and COO Ashik Bari\u00a0 Business-to-business telemedicine app\u00a0oDoc on Tuesday announced it has raised $1 million in pre-series A funding. Existing investor\u00a0Techstars\u00a0led the investment round, along with Silicon…<\/p>","protected":false},"author":29,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5],"tags":[],"class_list":["post-3227","post","type-post","status-publish","format-standard","hentry","category-news-media"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/posts\/3227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/comments?post=3227"}],"version-history":[{"count":0,"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/posts\/3227\/revisions"}],"wp:attachment":[{"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/media?parent=3227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/categories?post=3227"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/3.7.237.78\/ta\/wp-json\/wp\/v2\/tags?post=3227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}