Healthtech Startup oDoc raises $1M in Pre-Series A Funding

The funding will be used to create a seamless customer experience across the healthcare
and insurance verticals in the region.

oDoc, Sri Lanka’s leading digital health company, announced it had closed USD 1 million in
pre-series A funding at double its previous valuation.
Existing investor Techstars led the investment round along with leading Silicon Valley
venture capital firms, Hustle Fund and Unpopular Ventures. Other notable investors
included Cherif Habib (co-founder of Dialogue, a Canadian telemedicine start-up with over
$50M in ARR), Vir Kashyap (co-founder of Babajob) and LPs Bill & Leonard Lynch. The
investment will be used to expand operations and create a seamless customer experience
across the healthcare and insurance verticals in the region.
Founded in 2017, the company connects patients with doctors for video consultations and
fulfils home diagnostics & medicine delivery. The company grew revenues by 5X in 2020
whilst maintaining healthy unit economics. This growth was fuelled by the pandemic, which
was a watershed for the global telemedicine industry. oDoc saw mass adoption across both
patients and practitioners, with telemedicine being the only option for non-urgent
healthcare during the lockdown.
During the pandemic, the company also launched the Sri Lankan National Telemedicine
Platform on behalf of the Ministry of Health in Sri Lanka as a CSR project, thus enabling any
Sri Lankan to obtain free medical advice from any corner of the county.
Shiyan Koh, Managing Partner at Hustle Fund, commenting on the funding, stated, “We are
pleased to back Heshan and the oDoc team as they have demonstrated grit and capital
efficiency. oDoc is taking on one of the most important problems we face – timely and
affordable access to healthcare. Consumers’ willingness to use digital health solutions has
only accelerated during the COVID-19 pandemic and we see multiple paths to growth here.”
Heshan Fernando, Co-Founder and CEO of oDoc, stated, “At oDoc, we strive to make high-
quality healthcare universally accessible, affordable and personal. We are excited to
transition to the next phase of growth, moving from a startup to a scale-up and thrilled to
have some of Silicon Valley’s best venture builders backing us.”

With the rise of the pandemic, telemedicine services have become more critical in reducing
virus contagion by reducing the need for physical waiting rooms and improving patient
outcomes as other ailments and illnesses were not neglected due to missed / late diagnosis
due to the fear of visiting physical healthcare hubs.
oDoc currently has a network of 1,000+ partner doctors, covering 200,000 lives and 65+
corporates across Sri Lanka, India, the Maldives and Cambodia.

Heshan Fernando (CEO), Nare Bandaranayake (Chief Growth Officer), Dr Janaka
Wickramasinghe (Chief Medical Officer), Ashik Bari (COO)

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