Medigo, a Vietnam-based medtech platform, at present introduced that it has raised US$1 million in seed funding from Vietnam-based early-stage VC Touchstone Companions.
Medigo will use the funding to strengthen its expertise and operation, improve buyer base and develop the pharmacy community with a excessive variety of stock-keeping models (SKUs).
A portion of the capital injection may also be utilised to construct Medigo’s telemedicine that gives buyer teleconsultation with medical doctors. That is in keeping with the product roadmap of Medigo as a connecting platform.
Based in 2019 by CEO Ha Le, an skilled engineer returning to Vietnam from Germany, Medigo goals to attach customers with distant and high-quality healthcare providers that present on-demand medication supply 24/7. It helps individuals discover the closest licensed pharmacies and order medication to be delivered inside 20 minutes.
The corporate claims that it has fashioned partnerships with greater than 200 pharmacies together with massive pharmacy chains and hospital pharmacies throughout three key cities of Vietnam. These companions are all required to be licensed and licensed by Vietnam’s Ministry of Well being with skilled and devoted pharmacists.
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Medigo CEO mentioned that almost all Vietnamese go to pharmacies as the primary touchpoint for his or her medical signs. Nonetheless, their high quality is tough to confirm.
“We wish to use medication supply as a characteristic to coach customers of on-line healthcare providers and be conversant in distant pharmacists and medical doctors’ session, constructing a robust basis for Medigo’s future telemedicine providers,” acknowledged Medigo CEO Ha Le.
Le added that Medigo can also be growing extra service choices akin to promoting and ordering medication in bulk for the pharmacies within the community.
In response to the press assertion, Medigo is gaining traction by serving to individuals purchase medication remotely from the consolation of their properties, particularly throughout lockdowns. The agency boasts that its gross merchandise worth (GMV) has elevated eight occasions with greater than 200,000 customers prior to now six months. These pharmacies companions have additionally registered a 20-50 per cent improve in income.
“We consider this pattern will keep as we enter a re-opening interval whereas nonetheless managing the pandemic in Vietnam,” mentioned Tu Ngo, basic companion of Touchstone Companions. “The funding additionally aligns with our ESG-friendly funding rules, constructing a platform for reasonably priced and accessible high-quality healthcare providers to the mass in Vietnam.”
The deal is likely one of the first investments of Touchstone Companions’s US$50 million debut fund since launching in April this 12 months. The agency’s sectors of curiosity embody fintech, actual property, healthcare, edutech, and expertise that enhances effectivity in main Vietnamese worth chains akin to manufacturing and agriculture.
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In Vietnam, 70 per cent of the Vietnamese inhabitants resides in rural or distant areas, which is a boon for the telehealth market to assist tackle the medical personnel scarcity and scale back general healthcare prices.
In response to the Information and Components market analysis report, the worldwide telehealth market’s income is slated to develop to US$475.50 billion by 2026 at an annual CAGR of 26.5 per cent throughout 2021-2026.
Picture credit score: Medigo
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