Docquity raises US$44 million in series C round led by Itochu Corporation

New round of funding to bolster new expansion plans beyond the Southeast Asia region - in North Asia and the Middle East

SINGAPORE, Sept. 5, 2022 /PRNewswire/ -- Singapore-based Docquity, Southeast Asia's largest community of healthcare professionals, announced today that it has raised a total of US$44 million in its Series C financing round, led by existing investor Japan's Itochu Corporation with US$32 million.

Other investors supporting this round included iGlobe Partners, Alkemi, Global Brain, KDV and Infocom. To date, Docquity has raised US$57.5 million. The funding round comes on the heels of almost two-fold growth in revenue achieved in 2021. This new funding will further strengthen Docquity's scale in its operations within existing markets and drive the company's on-going growth momentum in Asia and globally.

"Investors are seeing that we are able to achieve what we set out to do. We are now reaping from the foundations that we have built over the years; enabling Southeast Asia's largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors," said Docquity CEO and Co-Founder, Indranil Roychowdhury. "This round of funding affirms the opportunities and potentials in Docquity's scalable business model."

Hiroshi Kajiwara, Executive Officer, Chief Operating Officer, ICT Division, ICT & Financial Business Company of Itochu Corporation said, "It has been our great pleasure to invest in Docquity. We have seen the company grow from strength to strength since the early days - from bringing in some of the best people to scaling the business into a thriving community of doctors and clients in Southeast Asia. We are excited to further support the expansion of Docquity's business in Asia."

Doctors remain core focus

As the platform that connects two out of three doctors in Southeast Asia, Docquity has more than 300,000 doctors learning, connecting, and collaborating through knowledge exchanges and verified content across multiple medical specialties. The goal is to help doctors be more informed and make better diagnosed decisions.

Docquity focused on data insights such as doctors' behaviours and tailored the consent-driven platform so that it is secure, real-time and easy to use.

Trusted network of partnerships drives momentum

The company's collaboration model depends on the trust earned from the growing healthcare community to enable doctors to learn, network and provide the best healthcare for their patients. Docquity partners with more than 250 medical associations in Southeast Asia not only to develop learning modules for its users, but also delivered more than 4.2 million continuing medical education (CME) credits to date via the platform, helping doctors meet their compulsory CME requirements. With the growth of digital transformation impacting the healthcare industry, Docquity also partners with pharmaceutical, consumer healthcare and MedTech companies to reach and educate healthcare professionals, as well as to share insights on them based on engagement on the platform.

Investing in healthier lives in Southeast Asia and beyond

This latest investment will be used to further strengthen Docquity's presence across Southeast Asia, including Indonesia and the Philippines, and further penetrate into new markets in North Asia such as Japan and the Taiwan region – building on the growth momentum in Asia.

In addition, Docquity aims to expand into the Middle East, starting with the United Arab Emirates, Saudi Arabia and Egypt. 

Beyond new markets, Docquity will be enhancing product capabilities, as well as introducing new initiatives:

• Docquity Academy – Cohort based learning for doctors in partnership with universities & senior medical practitioners. 
• Docquity Clinic - A doctor-owned virtual clinic, primarily for the doctors to have follow-up consultations with their patients. 
• Docquity Insights – Develop a deeper understanding of the needs and wants of doctors through data. 

"As we continue to connect healthcare professionals globally to build healthier lives at scale, it's incumbent on us to continue to push boundaries as a nexus app for doctors – wherever they may be – to learn, connect and grow as a trusted healthcare community in a digital world," Roychowdhury added.

About Docquity, https://docquity.com/

Docquity is Southeast Asia's largest trusted professional community of healthcare professionals. Our vision is to connect healthcare professionals to build healthier lives around the world at scale. Docquity helps healthcare professionals to be more collaborative, productive and impactful and partners with companies to reach, educate healthcare professionals and gain insights on them.

Docquity has more than 300,000 doctors on the platform and has offices in India, Indonesia, the Philippines, Malaysia, Singapore, Thailand, Vietnam and the Taiwan region.