Docquity, a Singapore-based online networking platform for healthcare professionals, has snapped up $44 million in a Series C funding round led by Japanese general trading firm Itochu Corporation. The round was also participated by other investors, including iGlobe Partners, Alkemi, Global Brain, KDV and Infocom.
This brings its total funds raised since its inception to $57.5 million.
WHAT IT DOES
With the aim of helping doctors be more informed and make better clinical decisions, Docquity provides a platform for more than 350,000 doctors to learn, connect, and collaborate through knowledge exchange and verified content across specialties.
It has partnered with over 250 medical associations across Southeast Asia to develop learning modules and deliver millions of continuing medical education (CME) credits to help doctors meet their compulsory CME requirements. It also ties up with pharmaceutical, consumer healthcare and medtech companies to reach and educate healthcare professionals.
The startup has set up offices in India, Indonesia, the Philippines, Malaysia, Singapore, Thailand, Vietnam and Taiwan.
WHAT IT’S FOR
According to a media release, Docquity will use its fresh funds to reinforce its presence in its existing markets and further scale its operations in new target markets in East Asia, including Japan and Taiwan. It also plans to enter the Middle Eastern markets, starting with the United Arab Emirates, Saudi Arabia, and Egypt.
Moreover, the new funds will also support the launch of Docquity’s newest initiatives: Docquity Academy, cohort-based learning for doctors in partnership with universities and senior medical practitioners; Docquity Clinic, a virtual clinic offering telehealth services; and Docquity Insights, which will harness data to provide insights into doctors’ needs.
Other similar networking platforms for healthcare professionals have raised investments in recent years. In October last year, Barcelona-based Top Doctors, which helps doctors promote their visibility and brand awareness, raised $13 million in Series B funding. In the same year in June, Doximity debuted on the New York Stock Exchange, collecting almost $600 million in proceeds from its initial public offering.
Meanwhile, early this year in India, health tech startup MedPiper Technologies went live with its web-based networking platform for doctors called MConnekt. It followed the launch of the first online healthcare network in India, DocsCampus.com, which is run by healthcare solutions provider HealWell24.