WebDoctor saw demand for telehealth services jump during Covid-19 and now plans to use the latest investment to aid its post-pandemic growth.
Irish health-tech platform WebDoctor has received €3m funding from VentureWave Capital. The private equity group’s investment brings WebDoctor’s valuation to €48m.
Since the pandemic, WebDoctor has experienced strong demand for its digital and telehealth services. Its platform enables doctors to automate booking and payment processes, while patients can attend virtual consultations at a lower cost than in-person appointments.
Since its founding in 2013, WebDoctor has processed more than 3m bookings to GPs, pharmacies and health clinics. The business experienced a 75pc increase in revenue from 2019 to 2020.
The company was started by brothers Oisin and Howard Kim with co-founder Martin Commins to help a family friend transform his medical clinic’s business. It now has more than 350,000 Irish patients registered on its GP platform.
VentureWave Capital’s investment will allow the company to focus on post-pandemic expansion plans. It is looking at international growth and the scaling of its sales, marketing, product and technology teams.
A new CEO, David Crimmins, has been appointed to aid WebDoctor’s growth. Crimmins is a former commercial director at health insurance company GloHealth.
VentureWave Capital chair and managing partner, Alan Foy, will also join WebDoctor’s board of directors.
“We are excited to invest in WebDoctor – a successful, scaling Irish health-technology business with a really strong team of promoters and entrepreneurs,” Foy said. “WebDoctor is a great example of an Irish company with an excellent market opportunity, proven team and exemplary technology/product platform.”
Crimmins added that the investment came “at a pivotal time for WebDoctor” and will enable the company to meet the “exponential growth of the telehealth market” and operate on an international scale.
Kieran McLoughlin, VentureWave Capital managing partner, said his company’s investment was part of a commitment “to backing great companies that generate both financial and social returns”.
VentureWave Capital focuses on companies with a high-impact potential, and last year launched a fund to invest in and build global ‘technology for good’ companies from Ireland.
McLoughlin said that with the WebDoctor team, it has set goals for the next decade including serving 15m patients and supporting 500 healthcare professionals seeking flexible work. “WebDoctor’s business is aligned with our fundamental objective of generating profit with a purpose,” he added.
Noel McSweeney, chair of WebDoctor, concluded: “Against the backdrop of Covid-19 the team has been working on the strategic development of the business and the investment by VentureWave Capital is a clear recognition of our potential as we look towards a positive future.”