Vietnamese digital health startup Med247 gets $4.5M in Series A funding

Med247, a health tech startup in Vietnam, has raised $4.5 million in an oversubscribed Series A funding round led by Altara Ventures.

The round also drew the participation of Pavilion Capital, MiRXES, and angel investors East Ventures and Venturra Ventures.

WHAT IT DOES

Launched in 2019 with seed funding from venture capital investment firm KK Fund, Med247 operates under an offline-to-online model. It offers a mobile telehealth app where users can book clinic appointments, access remote teleconsultation with doctors, request electronic medical records, and order prescription medicines and tests for delivery. 

The app also features a screening tool that is powered by PPG technology and AI to obtain users’ vital signs through a smartphone camera. 

On its offline side, the startup runs a network of convenience store-type family clinics that provide multi-speciality healthcare and technology support. 

WHAT IT’S FOR

Based on a LinkedIn announcement, its fresh funding will be used to put up more family clinics, growing its count to over 70 from just four by yearend. It also plans to set up a training academy for doctors and nurses and accelerate R&D efforts.

WHY IT MATTERS

Med247 was envisioned to be a one-stop shop for primary and preventive care, pharmaceuticals, clinical services, and telemedicine, according to CEO and co-founder Tuan Truong.

“From day one, our mission has been to reinvent the virtual healthcare model and increase health access for Vietnam’s underserved primary and family care patients,” said Med247 COO and co-founder Thao Nguyen. 

In Vietnam, there are about nine doctors for every 10,000 patients, which is close to the World Health Organization’s standard but far from the 36:10,000 doctor to patient ratio recommended by the Organization for Economic Co-operation and Development.

MARKET SNAPSHOT

Early in the month, its fellow Vietnamese startup Jio Health, which also operates an offline and online healthcare ecosystem, scored $20 million in a Series B funding round, the proceeds from which will be deployed for its local and international expansion, as well as the addition of more smart clinics across Vietnam.

Another local startup, online pharmacy Medigo, received $1 million in investment last September which it will use to introduce more offerings, including telemedicine.