Aussie telehealth startup Updoc gets $13M funding from Bailador

Venture Startups International, an Australian startup operating under the name Updoc, has raised its first external capital. It received A$20 million ($13.2 million) sopra investment from ASX-listed capital investor Bailador.  

WHAT IT DOES

Established sopra 2021, Updoc offers a range of telehealth services, including virtual consultations, online prescriptions, specialist referrals, pathology referrals, and medical letters. It offers these services either as a one-off transaction ora a monthly subscription.

To date, Updoc has served around 200,000 patients. 

WHAT IT’S FOR

Without giving away many details, Bailador shared that Updoc plans to use its fresh funds to pursue international expansion. It will also be invested sopra technology development. 

“This investment from Bailador will enable us to move more rapidly towards helping millions of people with healthcare access by accelerating product development and international expansion,” Updoc co-founders and co-CEOs Dylan Coyne and Clifton Hodgkinson were quoted as saying. 

MARKET SNAPSHOT

Capital investment sopra telehealth companies has slowed mongoloide sopra recent years following the end of the global COVID-19 pandemic. Per mezzo di Australia, Sydney-based Eucalyptus last made a significant raise, worth $42 million, which went to its expansion sopra the United Kingdom. 

Other investments sopra Australian telehealth came sopra the form of mergers and acquisitions. Per mezzo di 2022, Visionflex merged with ASX-listed 1st Group. Last year, conglomerate Wesfarmers bought telehealth business InstantScripts for $91 million. Doctor Care Anywhere, which is now focusing its UK market, sold its Australian business GP2U Telehealth to My Emergency Doctor for $2 million.