Alodokter Secures $33 Million Series C Funding to Expand Health Insurance Services

On October 17, 2019, VCBeat (WeChat Official Account: vcbeat) learned that Indonesian healthcare company Alodokter announced the completion of its $33 million Series C financing round. The round was led by Sequis Life, with participation from Philips, Heritas Capital, Hera Capital, and Dayli Partners. Existing investors SoftBank Ventures Asia and Golden Gate Ventures also joined this financing round.

Alodokter is an Indonesian company that provides users with accurate, high-quality medical and health-related content to help them make better health decisions. Reportedly, since its establishment in 2014, Alodokter has raised a total of $45.1 million in funding, having secured seed, Series A, and Series B rounds in 2015, 2016, and 2017, respectively.

This round of financing will be used to expand its hospital network integration and further develop its health insurance services. In 2018, the company launched a health insurance service called “Alodokter Protection.” Policyholders can not only subscribe, pay premiums, and file claims directly through the app, but also access a range of premium services, such as online consultations and priority hospital access.

Currently, the medical application launched by Alodokter has approximately 20 million monthly active users who consult with doctors, schedule appointments, discover personalized content, and manage their health insurance. The platform has established a trusted network partnership with 20,000 doctors and 1,000 hospitals and clinics.

Alodokter CEO Nathanael Faibis stated in a press release, “Over the past decade, Indonesia’s healthcare system has undergone significant transformation and has demonstrated greater enthusiasm for embracing digital innovation compared to more mature markets. Indonesia is emerging as one of the first countries in the world to establish a comprehensive digital healthcare ecosystem. This has been a key driver behind the rapid user growth experienced by ‘Alodokter Protection’ since its launch.”

Suci Arumsari, co-founder of Alodokter, stated, “For families across Indonesia, finding the right medical information, the right doctors, and suitable financial solutions can be overwhelming. As a mother of two with limited medical knowledge, I am a typical Alodokter user. Alodokter has transformed my life in managing my family’s health. We aspire to be the guardian angels for all Indonesian families.”

Sequis Life is an insurance company in Indonesia. The company sells life insurance, health insurance, and investment-linked insurance products through its agency distribution channel. With over 35 years of experience in the insurance industry, Sequis Life is committed to becoming a market leader in the life and health insurance sectors by responding to the needs of the Indonesian people.

Heritas Capital is a private equity firm based in Singapore. The company was initially established as the fund management arm of IMC Group. Since 2013, Heritas Capital has operated as a Capital Markets Services (“CMS”) licensee. Currently, its private equity and venture capital investments are focused on the healthcare, education, and technology sectors.

SoftBank Ventures Asia, established in 2000 and headquartered in Seoul, South Korea, is the corporate venture capital arm of SoftBank Group. The firm focuses on investments in artificial intelligence, the Internet of Things (IoT), and communications technologies within the information technology and intelligent robotics sectors.

Golden Gate Ventures is a venture capital firm based in Singapore. Since its establishment in 2011, the company has invested in more than 30 companies across over seven countries in Asia. It primarily invests in cross-sector internet and mobile startups, including e-commerce, payments, marketplaces, mobile applications, and SaaS platforms.

(Compiled by Wang Fang)