oDoc raises $1M via venture capital firms
oDoc, Sri Lanka’s leading digital health company, announced that they have raised USD 1 million via venture capital firms .
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.