Ever since the recent pandemic hit the world, investments in health tech have soared. Funding for health providers and the top healthtech startups doubled to almost USD 14 million from its 2019 numbers, according to a 2021 Deloitte study. Startups saw the health crisis as a chance to respond rapidly to the world’s needs, resulting in a vast increase in funding for the new healthtech trends in Southeast Asia and around the world.
The Deloitte study indicates that even though the number of COVID-19 fatalities has tapered off thanks to worldwide vaccination efforts, the increase in venture capitalist funds in health is a multiyear opportunity rather than an economic bubble. The top 5 healthtech startups in Southeast Asia have lots of potential for 2023 and have recently attracted investors’ attention.
We share how Speedoc wants to fuel the growth of the healthtech industry in the region
Speedoc is a virtual clinic service headquartered in Singapore. The platform provides services to clients in Singapore and Malaysia, and connects patients with home-based healthcare. Its services include home visits, health screenings, virtual consultations, and at-home hospital-level care. The startup landed partnerships with leading hospitals in the area, such as Singapore General Hospital, Khoo Teck Puat Hospital, and the National University Health System, to ensure top-class services.
Founded by Serene Cai and Dr Shravan Verma in 2017, the company recently obtained USD 28 million in Series B funding from German investment fund Bertelsmann Investments and Singapore-based venture capital firm Mars Growth Capital amongst others. This latest injection of capital brings their total funding amount to USD 34.7 million after five investment rounds.
Traveloka founder Christian Suwarna’s new venture, Diri Care, offers personalised healthcare solutions. Suwarna and co-founders COO Armand Amadeus and Chief Clinical Officer Deviana Himawan launched the platform’s beta version in March 2022 to treat patients with skin, hair, and intimate health issues. Since then, the company has experienced rapid growth in a country where the beauty and wellness sector is expected to reach USD 9.6 billion in revenue by 2025.
In August 2022, Diri Care closed a USD 4.3 million seed round led by Sequoia Capital India and Southeast Asia’s Surge and East Ventures, a Tokyo-based investment fund with four unicorn startups currently in its portfolio.
Marketing itself is a company that “develops technologies to improve the healthcare experience for patients.”, MiyaHealth was co-founded in 2019 by Dr Ramesh Rajentheran, Bevan Cheong and Shirley Ah Hee. The company uses technology to optimise every step of the customer journey, with a particular interest in the user experience.
Its first funding was through a seed round in February 2022, raising almost USD 5 million through investments by Singapore-based firm, Elev8.VC and ST Engineering Ventures Fund. Its next round was for an undisclosed amount from HealthXCapital, Central Capital Ventura, and SEEDS Capital, the investment arm of Enterprise Singapore.
Headquartered in Delhi and founded by Shireen Sultana and Sumedha Khoche in 2016, Kinderpass is an online therapy provider for children with developmental disabilities. The company’s mobile app is available in Hindi and English, with plans to launch multiple languages soon.
Students and parents have interactive, personalised sessions aiming to provide a holistic learning process and a conducive environment, with the help of a network of over 50 experts on childcare, such as occupational therapists, teachers, and psychologists.
Its most recent investment round was a pre-seed rebound in September 2022, raising USD 500.000, thanks to a combined effort from multiple investors such as Goodwater Capital, Momentum Capital, and Rebalance Angel Community.
Singapore-based Moom Health is a startup selling women’s health supplements, founded by sisters Maya and Mili Kale. The company offers bespoke packages of supplements depending on the individual’s needs to depart from the one-size-fits-all formula usually offered to women all over Asia. Since health organisations don’t usually regulate supplements, women often face challenges in knowing what they are purchasing.
This healthtech startup has a permanent advisory board consisting of experts in alternative medicine, nutrition, traditional medicine, women’s and sexual health specialists, and more. Access to such experts provides the company with the knowledge it needs to tailor a course of supplemental treatments that will cater to the purchasers’ needs. The company raised USD 854,000 in early September 2022 through seed round funding involving Love, Bonito, DSG Consumer Partners, and Nuguru Wellness Solutions.
The way many think about health and wellness is changing thanks to the impact of COVID-19. The top healthtech startups are showing that they have the potential to grow as the healthtech trends in Southeast Asia keep changing and adapting to the post-pandemic demand.
Many of these top 5 healthtech startups in Southeast Asia are new companies that are only attracting their first rounds of investment. Still, they have already shown how they are poised for significant growth, and 2023 will see them grow and adopt an even more prominent role in the development of healthcare in the ASEAN region.