HealthTech startup, HealthEngine, has raked in $20.2 million (AU$26.7 million) in a series C round from Sequoia India. The Indian VC firm will be seen joining HealthEngine’s existing investors Telstra Ventures and Seven West Media on the company’s board. This is first such funding round where Sequoia India has invested in an Australian-headquartered startup.
The round also saw the participation of Alium Capital, Go Capital, Carsales.com.au founder Greg Roebuck and the founders of Lux Group, including Adam Schwab. The fresh funding brings the total amount secured by HealthEngine till date to over AU$50 million.
With a current headcount of about 100, the firm wants to utilize the funds to augment its team across Perth, Melbourne, and Sydney offices. It will be deploying funds to accelerate product development and expand internationally by making acquisitions.
Founded by Dr. Marcus Tan and Adam Yap, HealthEngine started as an online directory but over the years it has improvised to become healthcare appointment booking marketplace. It allows patients to connect online and make appointments directly with quality health practitioners in their area. The startup claims the platform is being used by a million Australians and tens of thousands of practitioners every month.
Citing the data of AIHW 2016, Dr. Tan says Healthcare is one of the largest growing industries of Australia, with over AU$160 billion expenditure per year. He adds,
Our goal is to improve the health of all Australians by providing a platform that enables both timely access to quality care and a seamless patient experience.
Talking about the investment, he further goes on to say,
This investment announces HealthEngine’s arrival on the global startup scene, hopefully putting us on a similar trajectory to many of Sequoia’s other successes – iconic companies like Apple and Google and more recently startups like Whatsapp, Stripe and Airbnb.