Digital health platform Updoc has secured A$20m ($13m) investment from Bailador Technology Investments, a technology expansion capital fund listed on the Australian Securities Exchange.
Updoc, also known as Venture Startups International, will utilise the proceeds for the continued development of its technology.
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The funds are also earmarked for the acceleration of Updoc’s product roadmap, while supporting the company’s ongoing expansion efforts.
Bailador will provide detailed commentary on the latest investment in Updoc as part of its May 2024 shareholder update.
Commenting of the latest fund raise, Updoc founders and co-CEOs Dylan Coyne and Clifton Hodgkinson said: “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.
“Bailador shares our belief in the potential of our platform to support healthcare delivery, helping to lower costs and improve accessibility for consumers. This is just the beginning for Updoc and we look forward to continuing to grow with the support of Paul Wilson and the Bailador team.”
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By GlobalDataUpdoc, which was launched in 2021, helps in connecting consumers seeking medical support and services with various registered health practitioners through telehealth.
The company’s services, which include advice, specialist referrals, medical letters, online prescriptions, and pathology referrals, cater to the growing demand for accessible healthcare.
Offering a one-off transactional model or a monthly subscription option, Updoc has made healthcare services more convenient and accessible for more than 200,000 consumers till date.
The digital delivery of consultations is expected to help in lowering treatment costs, while also offering flexible work opportunities for medical professionals, especially for those operating in regional areas.
The investment by Bailador signifies a milestone for Updoc, which has achieved considerable growth without external capital until now.
Bailador co-founder and managing partner Paul Wilson said: “Updoc provides an exceptional experience for both patients and health practitioners. We are also pleased that by making routine doctor interactions more efficient, the sector is helping to ease the pressure on the Australian healthcare system.”
