WebDoctor valued at €48m following VentureWave Capital investment
16 September 2021 | 0
WebDoctor has received a €3 million investment from VentureWave Capital, bringing its valuation to €48 million. The funding will be used to accelerate WebDoctor’s international growth and expansion and the scaling of the sales, marketing, product, and technology teams.
VentureWave Capital the venture private equity investor that focuses on entrepreneurial companies with high impact potential.
WebDoctor is a leading health technology business and telehealth platform which enables engagement and collaboration between healthcare practitioners and their patients. Since its establishment in 2013, the company has processed over three million bookings to GP’s, pharmacies and other health-related clinics and has over 350,000 Irish patients registered on its GP platform.
Founded when brothers Oisin and Howard Kim and co-founder Martin Commins helped a family friend, Dr Sylvester Mooney, transform his medical clinic’s business, WebDoctor enables doctors to conduct their day-to-day operations virtually and to automate their booking and payment processes; and patients can attend virtual consultations at a lower cost than in-person appointments.
The demand for telehealth during Covid has skyrocketed with WebDoctor itself experiencing a 75% increase in revenue from 2019 to 2020.
VentureWave Capital’s team will work alongside WebDoctor executives, including newly appointed CEO David Crimmins, to drive the company’s post-pandemic growth and its expansion into new markets. Its capital chairman and managing partner, Alan Foy, will join WebDoctor’s board of directors.
WebDoctor is consistent with the objectives of VentureWave Capital to deliver social outcomes in its investment mandate. These include reduced cost and easier accessibility for patients, support for healthcare professionals seeking flexible work arrangements and reduced carbon emissions through fewer journeys to and energy costs at GPs’ clinics.
“We are excited to invest in WebDoctor – a successful, scaling Irish health technology business with a really strong team of promoters and entrepreneurs,” said Alan Foy, chairman and managing partner VentureWave Capital. “WebDoctor is a great example of an Irish company with an excellent market opportunity, proven team and exemplary technology / product platform. We look forward to supporting the team in their future scaling. We are confident the team will drive new opportunities to make an impact on the next phase of their successful journey.”
David Crimmins, CEO, WebDoctor, said: “VentureWave Capital’s investment comes at a pivotal time for WebDoctor, enabling us to meet the exponential growth of the telehealth market and operate on an international scale. This is an exciting time for the company and we look forward to the further development of both our B2C and B2B offerings in the short term.”
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