Medigo, a Vietnam-based medtech platform, in the present day 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 broaden the pharmacy community with a excessive variety of stock-keeping items (SKUs).
A portion of the capital injection may even 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 folks 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 stated that the majority Vietnamese go to pharmacies as the primary touchpoint for his or her medical signs. Nonetheless, their high quality is difficult to confirm.
“We need to use medication supply as a characteristic to coach customers of on-line healthcare providers and be acquainted with distant pharmacists and medical doctors’ session, constructing a powerful basis for Medigo’s future telemedicine providers,” acknowledged Medigo CEO Ha Le.
Le added that Medigo can also be growing extra service choices resembling promoting and ordering medication in bulk for the pharmacies within the community.
Based on the press assertion, Medigo is gaining traction by serving to folks purchase medication remotely from the consolation of their houses, particularly throughout lockdowns. The agency boasts that its gross merchandise worth (GMV) has elevated eight instances with greater than 200,000 customers up 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,” stated Tu Ngo, normal companion of Touchstone Companions. “The funding additionally aligns with our ESG-friendly funding rules, constructing a platform for inexpensive and accessible high-quality healthcare providers to the mass in Vietnam.”
The deal is without doubt 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 embrace fintech, actual property, healthcare, edutech, and expertise that enhances effectivity in main Vietnamese worth chains resembling manufacturing and agriculture.
Additionally Learn: Ex-VinaCapital Ventures exec’s US$50M fund Touchstone Companions hits first shut
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.
Based on the Details and Elements 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.
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Picture credit score: Medigo
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