Find My Doctor raises $5M Pre-Series A
Pakistan's Find My Doctor raises a sizable Pre-Series A to further delve into the world of InsurTech and On-demand HealthTech servicing.
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The Pakistan-based HealthTech and on-demand servicing platform Find My Doctor has successfully raised $5M in its latest funding round. The Pre-Series A round was led by TPL e-Ventures, the investment arm of TPL Corp and TPL Insurance.
Founded in 2016, Find My Doctor set forth to provide better healthcare facilities for utmost comfort, convenience, and clarity. The HealthTech startup currently offers its services in seven of the largest cities of Pakistan including Karachi, Lahore, Islamabad, Rawalpindi, Multan, Peshawar, Hyderabad while plans are in place to enter 10 more by the end of 2022.
As most recently recorded in our Free Startup Funding- 2022 Emerging Venture Markets Free Report Report, Pakistan observed its 3rd year of consecutive growth in VC deals to reach a new record-high in 2021. Remarkably, the 63% YoY growth in the number of transactions closed in 2021 resulted in an unprecedented 355% YoY growth in funding, signaling a promising influx of capital for this Emerging Venture Market. The Healthcare sector in Pakistan also observed its fair share of capital deployment in 2021; despite closing 1 less deal YoY, Pakistan-based healthcare startups raised 50% more capital than full year 2020. Investor interest seems to go towards HealthTech ventures around on-demand telehealth, testing, pharmaceutical services as well as digital healthcare infrastructure with startups like HealthWire, AI-powered Ailaaj, and Oladoc raising sizable rounds in 2021.
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During the Pandemic, and aside from continuously providing on-demand MSP licensed doctors, the Pakistan-based HealthTech pivoted its offering to provide in-home Rapid & PCR-Tests. Apart from core tech, the Healthtech app will be improving upon its insurance-related services, supported by TPL Insurance as well.“We are thrilled to achieve this milestone and will be scaling our operations significantly while experimenting with new products and services. Luckily, we now have the team in place as we have hired our leaders from Tesla, Bykea, and an insurance startup” stated Saad Siddiqui, founder, and CEO of Find My Doctor.
Although insurance is critical to healthcare services around the world, in Pakistan it is yet to cover the wider population, leaving room for substantial growth for any entity which can offer reach and affordability, said the company. Find My Doctor aims to offer its service both to the general public as well as the corporate sector. The Pakistan-based HealthTech will channel its newly acquired funds to open dark stores, improve technology and hire new talent, read a company statement. In light of this recent investment, Muhammad Aminuddin, CEO TPL Insurance concluded, “TPL Insurance continually utilizes the digital paradigm to disrupt the insurance industry. Our efforts are singularly focused on making insurance easier and accessible for all, as we look forward to building upon the same vision, set forth by Find My Doctor.”
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