Novo joins other investors in $80 mil. funding for Indonesia's healthtech Halodoc
SINGAPORE, NNA - Danish life science investor Novo Holdings has joined the $80 million Series C financing in Halodoc, an Indonesia-based healthtech platform.
Led by PT Astra Digital Internasional, a subsidiary of Indonesian conglomerate PT Astra International Tbk (Astra), the funding has also seen the participation of existing and new investors.
They include Temasek Holdings, Telkomsel's TMI, Acrew Diversify Capital Fund, Bangkok Bank, UOB Venture Management, Singtel Innov8, BliBli, Allianz X, and Openspace Ventures.
The additional funds will be used to accelerate Halodoc's penetration in key healthcare segments in Indonesia and improve patient experiences with technology-based solutions for the country's most pressing healthcare problems, according to a joint media statement by Novo and Halodoc.
This is the first investment made by the Danish asset management company's Singapore office Novo Holdings Asia after it was set up in 2020, the company said.
Founded in 2016, Halodoc is a digital healthcare platform that includes a mobile app and website which allows customers across Indonesia to have live consultations with more than 20,000 licensed doctors across the archipelago at any time regardless of their location.
Last year, the startup launched an appointment service that connects over 2,000 health providers such as hospitals, clinics, laboratories with patients in over 180 cities in Indonesia.
Impressed with Halodoc's proven track record since its launch, the country's health ministry appointed the company as one of the organizations to help roll out Indonesia's national vaccination program to tackle the COVID-19 pandemic.
Halodoc managed to inoculate more than 50,000 citizens living on two islands within the first 23 days of the campaign, making it one of the country's leading vaccination facilitators, according to the statement.
Amit Kakar, senior partner and head of Novo Holdings Asia said: "We are very pleased to invest in Halodoc alongside this stellar group of investors. Over the last year, telehealth has been transformational for patients throughout the world. We believe Halodoc is Indonesia's foremost telehealth platform."
He added, "We are seeing numerous exciting life sciences and healthcare investment opportunities in the Asia region which have the potential to deliver new treatments, access to healthcare and dramatically improve outcomes for patients."
On the tremendous growth of his health platform, Halodoc CEO Jonathan Sudartha, said it is now providing over 20 million users with convenient and reliable healthcare services monthly.
He added, "We are also proud to be at the forefront of Indonesia's fight against COVID-19. The Halodoc technology that powers our appointment system pre-pandemic is now being used to provide a safe and efficient patient journey for COVID-19 testing and vaccinations."
An integrated health application, Halodoc provides comprehensive solutions to meet the user needs. Collaborating with over 4,000 pharmacy partners, it offers a health store to assist users in buying supplements, vitamins and drugs along with a doctor's prescription quickly.
They can also book appointments with doctors in more than 1,000 partner hospitals and schedule a walk-in or drive-thru COVID-19 testing and vaccination.
Halodoc has also received regional acclaim.
In 2018, Halodoc received "The Most Innovative Start Up" award from Galen Growth Asia, a healthtech innovator based in Singapore, and was picked by Forbes Indonesia as its "Choice Start Up" for the year.