Health platform Docquity eyes Asia expansion with fresh $44M funding
INQUIRER FILE PHOTO
Medical education and knowledge sharing platform Docquity announced on Monday that it had secured $44 million in funds from a new round of financing and was set to expand further in the Philippines and other parts of Southeast Asia.
Japan’s Itochu Corp. lead this latest round of financing with an investment of $32 million, bringing the total amount raised to $57.5 million.
“Investors see that we can achieve what we set out to do. We are now reaping from the foundations we have built over the years, enabling Southeast Asia’s largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors,” Docquity chief executive officer and co-founder Indranil Roychowdhury said in a statement.
Other investors in this financing round include iGlobe Partners, Alkemi, Global Brain, KDV, and Infocom.
“It has been our great pleasure to invest in Docquity. We have seen the company grow from strength to strength since the early days: from bringing in some of the best people to scaling the business into a thriving community of doctors and clients in Southeast Asia,” Itochu chief executive officer and chief operating officer Hiroshi Kajiwara said, adding they were excited to further support its expansion in Asia.
Docquity said that with the additional funds, it planned to further venture into new markets such as Japan, Taiwan and the Middle East starting with the United Arab Emirates, Saudi Arabia and Egypt.
According to Docquity’s website, the platform began in 2011 with the aim of developing connections among doctors to bring continuing education, community power, and productivity and growth.
The social health platform – which is an invite only and exclusive for doctors – currently boasts of more than 300,000 doctors on their platform, with offices in India, Indonesia, Philippines, Malaysia, Singapore, Thailand and Vietnam.
In the Philippines, about seven of 10 doctors are part of the Docquity community.
It has also partnered with more than 250 medical associations in Southeast Asia and has delivered more than 4.2 million continuing medical education credits to date via the platform.
Docquity also partners with pharmaceutical, consumer healthcare, and medical technology firms to reach and educate healthcare professionals, as well as share insights.’
