Destined for growth: Healthtech startup Kismet adds $20 million to close $32.5 million seed round

Healthtech startup Kismet is actively pursuing international expansion opportunities, after adding another $20 million to its seed funding round.

The additional funds bring the startup’s total seed funding to $32.5 million and come six months after it raised $12.5 million in a round led by global consumer internet group Prosus Ventures and prominent VC firm Airtree Ventures.

Co-founder and CEO Mark Woodland confirmed to SmartCompany on Tuesday the startup’s seed round was split into two parts “for efficiency”, with existing investors also contributing to the second seed round.

A new investor, Singapore-based MassMutual Ventures, also participated in this second tranche of funding, alongside continued support from Prosus and Airtree.

The total round represents the largest seed round for a startup in Australian history, according to Kismet, which was launched in early 2023.

The startup has quickly grown to become one of the largest plan managers in the National Disability Insurance Scheme (NDIS) in the country, and is now serving more than 20,000 NDIS participants.

The healthcare platform was founded by Woodland, who previously founded Xplor, along with Stefan Cordiner, Lauren Grimes, Sam Armstrong and Mathew Ellis.

Its ultimate goal is to “transform healthcare” using artificial intelligence-driven solutions, with a particular focus on the NDIS and aged care sectors.

The Kismet ‘ecosystem’ allows its more than 100,000 users — including more than 35,000 providers and support coordinators — to automatically create a shortlist of verified healthcare providers within 48 hours.

The platform acts as a “personalise concierge”, explains Woodland, with users able to “find, book and pay for healthcare appointments and other essential services for individuals with disabilities or those aging”.

“From an end user’s perspective, this means that Kismet handles the often-complicated process of managing healthcare needs,” adds Woodland.

“The AI simplifies everything — leveraging the user’s funding to ensure appointments are scheduled and paid for seamlessly, reducing stress and allowing users to focus on their wellbeing.”

At the same time as alleviating the admin and cost burden on patients and their carers, Kismet also aims to make it easier for the healthcare providers to focus on patient care, instead of admin.

Kismet’s plans to stay “small and lean”

Kismet has added seven employees to its business since March and now employs a team of 23.

While Woodland says the team is “always looking for opportunities to improve”, it is focused on “staying small and lean”.

“We believe hiring, particularly in startups, is a great responsibility and should be taken seriously, as people are making significant sacrifices, often involving their families and personal lives,” he says.

“Additionally, we don’t view large teams as a success metric; rather, we focus on solving problems effectively, and large teams often serve as a vanity metric rather than a true indicator of progress.”

And staying “small and lean” doesn’t mean Kismet isn’t expanding its reach into international markets.

“We have plans to expand internationally and are actively pursuing these opportunities,” he tells SmartCompany.

The problem Kismet is solving is a global one, adds Woodland.

“The entire world is aging, and Kismet is dedicated to helping families navigate this process with dignity,” he says.

“Our mission aligns with the growing global need for support in aging care, and we’re excited to bring our solutions to more regions.”

Kismet previously raised $4 million in pre-seed funding in 2023, in a round led by Airtree and venture capital firms Black Nova and Flying Fox.

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