The Australian Securities Exchange-listed technology expansion capital fund Bailador Technology Investments has invested A$20 million ($13 million) in Updoc, a digital health platform.
Venture Startups International, a.k.a. Updoc, will use the money raised to advance its technological advancements.
The money will also help with Updoc’s continued expansion efforts and be used to accelerate the company’s development pipeline.
Bailador’s May 2024 shareholder update will include a thorough analysis of the most recent investment in Updoc.
“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,” said Updoc co-founders and CEOs Dylan Coyne and Clifton Hodgkinson in response to the company’s most recent fundraising round.
“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.”
Updoc, a 2021 launch, facilitates telehealth connections between patients in need of medical assistance and services and a variety of licensed healthcare providers.
The services offered by the organization address the increasing need for easily accessible healthcare and include medical letters, guidance, referrals to specialists, online medications, and pathology referrals.
Updoc has helped more than 200,000 customers have access to healthcare services by providing a monthly subscription option or a one-time transactional approach.
Digital consultation delivery is anticipated to provide medical professionals, particularly those working in rural regions, with flexible work arrangements and to assist reduce treatment costs.
Updoc has grown significantly without the assistance of outside funding up until now, thus Bailador’s investment is a significant turning point.
Updoc offers a remarkable experience for medical professionals and patients, according to Paul Wilson, managing partner and co-founder of Bailador. Additionally, we are happy that the industry is reducing the strain on the Australian healthcare system by streamlining normal doctor encounters.
Originally written and published by Hospital Management, a GlobalData owned property, the article “Australian startup Updoc raises A$20m funding from Bailador”
