COVID-19 was a turning point for the telehealth industry. In Australia, between 2020 and 2022, more than 100 million telehealth services were delivered to around 17 million Australians. Over $5 billion in Medicare benefits were paid, and about 90,000 medical practitioners have now used telehealth services to support their patients.
Aussies have been quick to adapt to telehealth, thanks to its convenience and Medicare’s stamp of approval.
In keeping with that, technology expansion capital fund, Bailador Technology Investments (ASX: BTI) has announced a $20 million investment in Venture Startups International, or Updoc.
Launched in 2021, Updoc is a digital healthcare platform that connects consumers who need medical services with registered health practitioners via a telehealth offering. The company offers various services, including advice, online prescriptions, specialist referrals, pathology referrals and medical letters.
Consumers can access these services via a one-off transactional model or a monthly subscription model. All consultations are delivered digitally, which increases convenience and accessibility for consumers while also lowering the cost of treatment and providing flexible work opportunities for medical professionals, particularly in regional areas.
Since its launch, Updoc has served over 200,000 consumers and is a player in the rapidly growing telehealth market. Prior to the investment from Bailador, the company has grown to date without external capital.
Bailador Co-Founder and Managing Partner, Paul Wilson, said, “Australian consumers have wholeheartedly embraced telehealth as an efficient way to access routine health services. We know the digital health space quite well, and have had success in that industry segment.
“Updoc provide 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.”
Bailor’s portfolio ended CY23 in a strong position with a combined portfolio revenue of $379 million, a 41% growth over the preceding 12 months. It deployed $29 million of capital over the last 12 months across new and existing portfolio companies. It ended H1 FY24 with net cash totalling $94 million. The Company’s investments span across industries, including travel, accommodation, digital healthcare, language translations, e-commerce and volunteer management. In H1 FY24, it saw a profit of $31.4 million, up from a loss of $7.4 million in H1 FY23.
In FY24, Bailador’s goal is to connect investors with high-growth expansion-stage tech companies.
The Updoc Founders & 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.”
Updoc will use the funds raised to invest in building market-leading technology, accelerate the development of its product roadmap, and support continued expansion.
Alinda is a Business Reporter for The Sentiment
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