A Vietnamese healthtech startup raised $4.5 million
Med247, a startup in Top 13 of SK Startup Fellowship, successfully raised $4.5 million in a Series A funding round. This round was led by Altara Ventures with participation from Pavilion Capital, MiRXES, and East Ventures. Among other investors participating in this funding is Venturra Ventures. Med247 was also invested in the seed round by KK Fund and Jin Hian Goh, former CEO of Parkway. Med247 intends to use this capital to expand its network of clinics, set up facilities to train doctors and nurses, invest, research new technologies, support specialised medical services, and provide healthcare. primary health, preventive medicine, personalised patient experience.
Nguyen Minh Thao and Truong Vu Tuan, COO and CEO of Med247
Sharing about this investment, General Partner of Altara Ventures, Gavin Teo believes in Med247’s leadership team when it can combine leadership in the fields of healthcare, technology, with the great empathy for the patient’s experience. Witnessing the medical system is often overloaded, Med247 built a family clinic system, taking advantage of technology to examine patients more effectively. Patients are accompanied by doctors to share, listen, explain symptoms, diseases, choose treatment regimens. This startup pursues the Online to Offline operating model. Like convenience stores similar to Circle K, 7-Eleven, etc. Med247 is expected to become the first point of contact for people with health problems.
Med247 is a healthtech startup founded by Tuan Truong and Thao Nguyen in 2019, and is headquartered in Hanoi. Med247 combines traditional face-to-face medical examination with telehealth technology. Med247 not only provides online medical services via phone apps, connecting patients with doctors 24/7 to schedule appointments for examination and consultation, access medical records and test results, and deliver prescription drugs. This 4.0 family clinic system also actively advocates for a convenient chain of private clinics in provinces and cities across the country, ensuring professional quality and consistent direct customer experience throughout.
Med247’s dedicated direct consulting service
Med247 currently has more than 50,000 app users. This startup “wants to be the “one-stop shop” of healthcare for everyone. Med247 ensures the best experience for patients when booking medical examination and treatment, and after recovering from illness”, Tuan Truong shared. That helps patients reduce costs, travel time, unnecessary psychological pressure when the average visit only lasts 5-10 minutes. This system connects and flexibly utilises the system of local and central doctors thanks to assistive technology. This startup will open its fourth clinic in Thanh Hoa in May 2022, after three clinics in Hanoi and Nam Dinh. Med247 aims to have 70 clinics by the end of 2022.
The strategic cooperation with MiRXES
Med247 also signed a strategic cooperation agreement with Singapore’s leading biotechnology company MiRXES. This agreement is to establish the most advanced molecular laboratory system in Vietnam. This partnership allows MiRXES to bring microRNA detection technology in non-invasive tests for early detection of cancer with more accurate, cost-effective results than other diagnostic tests. This technology detects microRNAs in the blood of cancer patients before symptoms appear using PCR testing. This is something that currently available early cancer screening technologies cannot do. This technology also allows implementation in clinical laboratories, requiring no specialised equipment.
Dr. Zhou Lihan, a co-founding executive of MiRXES
Med247 also integrates, receives technology transfer of remote home care and treatment protocols, international-standard skills from Kitahara Medical Corporation, develops rehabilitation services for patients after stroke , surgical trauma. This startup provides a service to limit the frequency of strokes, bringing back a normal life for patients. Med247 hopes to contribute to changing the habits of Vietnamese people, seeking medical care not because of illness but to actively have good health and a healthy lifestyle.
Sources of information include DealstreetAsia, e27, and TechInAsia.