brand logo

oDoc raises $ 1 m in pre-Series A funding

24 Feb 2021

Sri Lankan digital health company oDoc announced it had closed $ 1 million in pre-Series A funding at double its previous valuation. The funding will be used to create a seamless customer experience across the healthcare and insurance verticals in the region, the company stated. Existing investor Techstars led the investment round, along with leading Silicon Valley venture capital firms, Hustle Fund, and Unpopular Ventures. Other notable investors included Cherif Habib (Co-Founder of Dialogue, a Canadian telemedicine start-up with over $ 50 million in ARR [accounting rate of return]), Vir Kashyap (Co-Founder of Babajob), LPs Bill, and Leonard Lynch.  The investment will be used to expand operations and create a seamless customer experience across the healthcare and insurance verticals in the region, the company stated, adding that it grew revenues by fivefold in 2020 whilst maintaining healthy unit economics. This growth was fuelled by the pandemic, which was a watershed for the global telemedicine industry. During the pandemic, the company also launched the Sri Lankan National Telemedicine Platform on behalf of the Ministry of Health in Sri Lanka as a CSR (corporate social responsibility) project, thus enabling any Sri Lankan to obtain free medical advice from any corner of the county. Hustle Fund Managing Partner Shiyan Koh stated: “We are pleased to back Heshan and the oDoc team, as they have demonstrated grit and capital efficiency. oDoc is taking on one of the most important problems we face – timely and affordable access to healthcare. Consumers’ willingness to use digital health solutions has only accelerated during the Covid-19 pandemic and we see multiple paths to growth here.” oDoc Co-Founder/Chief Executive Officer (CEO) Heshan Fernando stated: “At oDoc, we strive to make high-quality healthcare universally accessible, affordable, and personal. We are excited to transition to the next phase of growth, moving from a start-up to a scale-up, and thrilled to have some of Silicon Valley’s best venture builders backing us.”


More News..