Indonesian Health Tech Firm Halodoc Secures $65 Million Series B Funding to Upgrade Telemedicine Platform

VCBeat (WeChat Official Account: vcbeat) has learned that Indonesian health technology company Halodoc announced the completion of its Series B financing round on March 4, 2019, raising IDR 920 billion (approximately USD 65 million). The round was led by UOB Venture Management, with participation from Singtel Innov8, Korea Investment Partners, and WuXi AppTec.

The proceeds from this round of financing will be allocated to two areas: first, upgrading the medical consultation platform; and second, increasing working capital to deepen collaborations with healthcare service providers.

Halodoc is a health technology startup founded in 2016 and headquartered in Greater Jakarta, Indonesia. The company enables users to consult with licensed physicians online, facilitating text, voice, and video communication with doctors through the Halodoc platform.

According to foreign media reports, the services provided by the Halodoc platform include three aspects: first, online consultations with over 20,000 licensed physicians; second, prescription drug delivery; and third, user booking of departmental examinations.

The platform was established in 2016. In September 2016, Halodoc raised $13 million in a funding round led by Singapore-based VC firm Clermont Group, along with Go-Jek, Blibli.com, and NSI Ventures. The Halodoc platform operates as a standalone application and is also accessible via the Go-Med feature within the Go-Jek app. This integration enables Go-Jek’s vast network of drivers to provide convenient medicine delivery services for Halodoc users.

Users can select accredited doctors on the Halodoc website and app, with consultation fees averaging around $1.70 per 10–15 minutes, varying by physician. Users can also purchase prescription and over-the-counter medications from nearby partner pharmacies, with Go-Jek drivers delivering to their homes within approximately 40 minutes. Additionally, users can view physicians’ profiles and patient reviews on the Halodoc platform.

It is reported that the Halodoc platform currently has 2 million monthly active users, with more than 80% located outside Java, the country’s most densely populated island. In 2018, Halodoc’s user base grew 25-fold within 12 months. The platform collaborates with over 1,400 hospitals and healthcare providers in Indonesia. By using the app, users can reduce waiting times at pharmacies and also access insurance services provided within the app during hospital visits.

“We are optimistic about Halodoc’s future direction and look forward to the emergence of a new healthcare giant,” said Kian-Wee Seah, Chairman and Chief Executive Officer of UOB Venture Management.

Jonathan Sudharta, Founder and CEO of Halodoc, stated in an official press release: “This round of financing will accelerate the development of Halodoc’s digital platform. Once the platform is updated, millions of Halodoc users will experience more convenient consultation services.”

UOB Venture Management is a venture capital firm established in 1991 and headquartered in Singapore. The firm provides funding to private companies through direct equity investments, with its business operations primarily focused on Southeast Asia and China.

Singtel Innov8 is a venture capital firm headquartered in Singapore, established in 2010. The firm manages $250 million in assets, with a primary investment focus on startups and innovative enterprises.

Korea Investment Partners is a venture capital and private equity firm headquartered in Seoul, South Korea, founded in 1986. The firm has offices in cities such as Beijing, Shanghai, and Sunnyvale, with its primary investment focus on secondary markets and corporate debt.

WuXi AppTec is a globally leading open-access capabilities and technology platform company for the research and development (R&D) of pharmaceuticals, biotechnology, and medical devices, providing innovative drug R&D services to clients worldwide. Founded in December 2000 and headquartered in Shanghai, China, the company employs over 10,000 people and maintains operational entities in both China and the United States. As a customer-centric organization, WuXi AppTec offers a comprehensive suite of laboratory R&D and research manufacturing services to global pharmaceutical, biotechnology, and medical device companies, covering the entire process from drug discovery to market launch. Its services are designed to help global clients shorten R&D cycles and reduce costs for drugs and medical devices through high-quality, cost-effective, and efficient integrated R&D solutions.

(Compiled by Hu Xuan)