Telehealth startup Updoc secures $20 million from ASX-listed Bailador
Updoc has served more than 200,000 customers to date via its digital platform that connects patients with registered health practitioners.
Three-year-old digital health startup Updoc has secured a $20 million investment from ASX-listed capital fund Bailador Technology Investments as it seeks to cement its place in the growing Australian telehealth sector.
Updoc was launched in 2021 by founders and co-CEOs Dylan Coyne and Clifton Hodgkinson. It has served more than 200,000 customers to date via its digital platform that connects patients with registered health practitioners.
Patients can book appointments to access medical advice, online prescriptions, specialist and pathology referrals, and medical letters, either as standalone sessions or via a monthly subscription.
The investment means Updoc joins a number of other fast-growing tech companies in the Bailador portfolio, including Siteminder, Rosterfy and Nosto.
It also represents the first external investment for Updoc, which won the Rising Star award in the 2023 Deloitte Fast 50 with a growth rate of 15,924%.
The startup plans to use the funds to accelerate its 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,” said founders Coyne and Hodgkinson in a statement to the ASX on Tuesday.
“This is just the beginning for Updoc.”
Bailador co-founder and managing director Paul Wilson said in the same statement that more Australians are regularly using telehealth services.
“We know the digital health space quite well, and have had success in that industry segment,” he added.
“Updoc provide[s] 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.”
Bailador is expected to provide further details about the investment in its May 2024 update to shareholders.
Updoc is the latest in a growing cohort of telehealth platforms to secure external funding in recent years, including Kite Therapy, Eucalyptus, Coviu, Hola Health and former Smart50 winner InstantScripts, which was acquired by Wesfarmers in mid-2023.
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