WHITECOAT Global is acquiring telemedicine platform Good Doctor Indonesia in what it called “the biggest merger and acquisition involving two dominant telehealth companies in South-east Asia to date”.
In a statement on Friday (Oct 11), the Singapore-headquartered digital health provider said that it secured a round of fresh funding led by Raffles Family Office.
MDI Ventures and the SoftBank Vision Fund will also join as new investors in tandem with the group’s acquisition of Good Doctor.
Neither the acquisition consideration, nor the funding amount, were disclosed.
Good Doctor delivers primary and specialist care services, while also serving individual consumers through its retail offerings. It also provides pharmacy services and wellness programmes.
WhiteCoat said its acquisition of Good Doctor will “create the region’s largest and most comprehensive digital healthcare group”, working with over 130 insurers and 7,500 corporate partners to service over 6.8 million clients.
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WhiteCoat’s founder and CEO Bryan Koh said the acquisition would strengthen the company’s market presence in Indonesia, the largest economy in South-east Asia.
“(It) also underscores our commitment to deliver innovative, technology-driven care, and work towards enhancing healthcare access beyond insured members to the broader population of over 650 million people across South-east Asia,” he said.
He added that WhiteCoat would seek funding “at the right time” to fuel its next phase of growth. This will involve scaling its omnichannel services “through the integration of cutting-edge generative artificial intelligence capabilities”.
Founded in 2018, WhiteCoat offers telehealth services including doctor consultations, prescription delivery and lab testing.
The company plans to enter “at least two more markets in Asia” – no other details were disclosed – and will continue to source value-accretive assets which it considers synergistic to its business.
It also intends to prioritise technology research and development to drive service delivery in both existing and new markets.
