Docquity, Southeast Asia’s (SEA) largest community of healthcare professionals, raised a total of $44 million in its Series C financing round, led by existing investor Japan’s Itochu Corp. with $32 million.
Other investors supporting this round included iGlobe Partners, Alkemi, Global Brain, KDV, and Infocom. To date, Docquity has raised $57.5 million.
The funding round comes on the heels of almost two-fold growth in revenue achieved in 2021. This new funding will further strengthen Docquity’s scale in its operations within existing markets and drive the company’s ongoing growth momentum in Asia and globally.
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“Investors see that we can achieve what we set out to do. We are now reaping from the foundations we have built over the years; enabling Southeast Asia’s largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors,” said Indranil Roychowdhury, CEO and co-founder, Docquity. “This round of funding affirms the opportunities and potentials in Docquity’s scalable business model.”
As the platform that connects two out of three doctors in Southeast Asia, Docquity has more than 300,000 doctors learning, connecting, and collaborating through knowledge exchanges and verified content across multiple medical specialties. The goal is to help doctors be more informed and make better-diagnosed decisions.
Docquity focused on data insights such as doctors’ behaviors and tailored the consent-driven platform so that it is secure, real-time, and easy to use. In the Philippines, more than 7 in 10 doctors are part of the community.
“We have seen the company grow from strength to strength since the early days, from bringing in some of the best people to scaling the business into a thriving community of doctors and clients in Southeast Asia,” said Hiroshi Kajiwara, executive officer, COO, ICT Division, ICT & Financial Business Company of Itochu Corp. “We are excited to further support the expansion of Docquity’s business in Asia.”
This latest investment will be used to further strengthen Docquity’s presence across the region, including Indonesia and the Philippines, and further penetrate into new markets in North Asia such as Japan and the Taiwan region, building on the growth momentum in Asia.
In addition, Docquity aims to expand into the Middle East, starting with the United Arab Emirates, Saudi Arabia, and Egypt.
Beyond new markets, Docquity will be enhancing product capabilities, as well as introducing new initiatives:
- Docquity Academy — Cohort based learning for doctors in partnership with universities & senior medical practitioners.
- Docquity Clinic – A doctor-owned virtual clinic, primarily for the doctors to have follow-up consultations with their patients.
- Docquity Insights – Develop a deeper understanding of the needs and wants of doctors through data.