WhiteCoat, a Singapore-based digital healthcare platform, announced today that it raised close to SGD10.8 million (US$8 million) in a Series A round of financing, led by GEC-KIP Technology and Innovation Fund.
Other investors who participated in the round include SGInnovate and Asia Resource Corporation.
The proceeds will be used to accelerate WhiteCoat’s regional footprint, enhance its platform, and expand its suite of remote healthcare services.
Launched in 2018, Whitecoat is a one-stop platform that provides with on-demand telemedicine services to patients in Singapore.
Its mobile app connects users to an “extensive and curated” network of medical practitioners that assist in treating common ailments and chronic illnesses.
In 2020, the company claimed, it experienced an 8x increase in revenue and a 7x surge in consultation figures due to COVID-19 boosting the need for people to utilise remote medical services.
Whitecoat also partnered with AIA, one of the largest publicly-listed pan-Asian life insurance companies, to leverage its insurer integration expertise in new markets across Southeast Asian markets.
“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,” Bryan Koh, founder of WhiteCoat, said.
“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,” Koh added.
“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,” Lim Jui, CEO at SGInnovate, noted.
“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,” Jui shared.
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