Online healthcare platform gets 80 million-euro investment to solidify its global position
A leading international digital healthcare booking platform based in Poland has raised over EUR 80 million in its latest funding drive to help it solidify its market position and fuel further expansion.
DocPlanner, which was founded in Poland in 2012, provides services that allows people to book doctor appointments via its online market place, review doctors, and helps medical professionals digitise their practices.
The company now serves 30 million patients, handles 1.5 million bookings each month and is present in 15 markets around the world.
Mariusz Gralewski, DocPlanner’s founder and CEO, said that the “fresh funding comes at the best moment in the company’s history”.
“The growth rate in our core business is accelerating and we’re seeing more opportunities in our space, both in terms of customer segment and product offering, as the health tech market matures,” he added in a press release.
The EUR 80 million announced on May 14 brings the total amount of capital raised by the Warsaw-based firm to EUR 130 million, which, the company claims, will help “solidify its position among the best-funded digital healthcare players globally”.
At the moment DocPlanner operates in Poland, Italy, Spain, Turkey, Mexico and Brazil, concentrating on markets that generally have a weak national healthcare service but a robust private medical sector.
Peter Bialo, DocPlanner’s CFO, said the company raised the capital for a couple of reasons.
“It’s really two things,” he told TFN. “One is an internal need. We have identified a lot of opportunities such as acquisitions where we are going to need capital. We see there are things we are going to spend money on.
“Second, the markets are humming along but we’re not sure how long it’s going to last so you have the benefits of going earlier rather than later and getting a decent evaluation,” he added. “We can build up a bit of a buffer for bad times. We don’t know what is going to happen but we’re sure the good times can’t last for ever.”
He also explained that the money would help the company meet its expansion goals by allowing it seek new revenue streams and to buy when opportunities arise.
“Our overall goal is to double in size every year, which we just about did in 2018 and we’re planning to do in 2019, and that is what we are always striving for,” he said. “Acquisitions could provide growth, want to get to be a EUR 100-million-annual-revenue type of company. That’s kind of a rough size you need to potentially to do a healthy IPO.”
He said that at the moment revenue is “less than half” of EUR 100 million, but was in the “10s of millions and growing fast”.