AppWorks, a venture capital company that invests in Taiwan and Southeast Asia, has led an over $1 million funding round in Vietnam-based healthtech startup Docosan.
|The investment by AppWorks is a vote of confidence in Vietnamese healthcare booking app Docosan |
AppWorks is known for its investments in leading Southeast Asian companies such as Lalamove, Carousell, and ShopBack. Other investors that joined the round include Singapore-based Huat Ventures and biotech entrepreneur David Ma, according to TechinAsia.
Established in January 2020, Docosan is an app for searching and booking appointments online with doctors 24/7, checking price lists and reviews by real patients. Docosan has helped 50,000 patients in Vietnam book appointments with physicians across 35 specialties within less than a year of operations.
“Many clinics are frustrated after spending large amounts on social media marketing because these networks’ vast, opaque user bases are difficult to harness to reach new patients,” Docosan’s CEO and co-founder Beth Ann Lopez said in a press statement.
“Docosan’s proprietary booking software provides doctors an easier way to manage bookings compared to the crowded waiting rooms, which people are increasingly wary of amid the pandemic,” she added.
In press statement, AppWorks partner Andy Tsai said, “We noticed Docosan’s potential early on because of its participation in the AppWorks Accelerator. Docosan’s founders demonstrated strong experience and dedication to the healthcare issues in the region. We are proud to be supporting Docosan’s vision of better healthcare access for all.”
The potential for healthtech startups is huge as the healthcare market will double in the next 7-10 years. Digital healthcare makes up less than 1 per cent of the total market size currently, a figure which is projected to skyrocket. Many healthtech startups are ramping up operations in Vietnam including eDoctor, Zoop Care, Doctor Anywhere, MedPro, and Jio Health.
A report by Fitch Solutions identified great promise in digital healthcare in light of the current challenges faced by public hospitals in Vietnam and the COVID-19 pandemic. Internet access is widespread and the country has seen rapid development in 4G and 5G mobile communications technologies. Building on these foundations, the government of Vietnam is driving a digitalisation agenda in hospitals and clinics across the country. Smart solutions are being strongly encouraged that utilise big data, AI, cloud computing, and mobile technology to help alleviate Vietnam’s overcrowded public hospitals and increase the quality of care.