Okadoc, an online doctor-appointment booking platform, has closed a $10 million Series A round, following a $2.3 million seed round in 2018. A mix of institutional and private investors participated in the funding round, including Abu Dhabi Investment Office (ADIO) and Ithmar Capital Partners.
With this investment, Okadoc hopes to launch a telemedicine platform, enabling doctors to offer remote virtual consultations to their patients. The telemedicine service has the potential to significantly enhance the patient experience by offering flexibility and convenience for patients to see their doctors through video consultation for follow-up appointments, pre-consultations and second opinions. The offering will also benefit underserved populations with limited access to healthcare. Okadoc will also expand operations into Saudi Arabia and is planning to enter more GCC countries next year.
Okadoc has entered into a strategic partnership with Dubai Healthcare City (DHCC) and has further on-boarded several UAE’s healthcare providers such as Medcare, Aster Hospitals, Emirates Healthcare Group, and more.
In Indonesia, Okadoc has recently launched a tailored version of its platform to tackle local healthcare challenges in the country, where the company set up an office in 2018. The startup also hosts much of its technology development in the Southeast Asian country, where half of its workforce is based.
Okadoc’s cloud-based platform is designed to help patients find a doctor based on various parameters including insurance network, location, specialty, language spoken, or gender. Patients can then view real-time doctor availabilities, instantly book appointments, receive reminders, reschedule, cancel or even request earlier availability. Okadoc is free for patients and available its website and its apps.
Okadoc also helps doctors, clinics, and hospitals reduce 'no-shows', optimize their bookings, reduce administrative costs, increase operational efficiency, and attract new patients.
Fodhil Benturquia, Founder & CEO of Okadoc, said: “Okadoc is the only platform in the region that is integrated with most of the international and local hospital information systems (HIS), covering over 60% of doctors in the UAE. This makes us the only platform that can offer patients access to doctor schedules in real-time, and to book and manage their appointments instantly. It has also allowed us to reduce no shows by up to 75%.”
“We wanted to continue this great momentum, expand in other markets and introduce new functions, so we felt that the time is right to raise more capital to enable us to do so,” he added.