Medigo, a Ho Chi Minh City-based startup providing remote healthcare services, has raised $2 million in a Series A funding round led by the East Ventures fund, with the participation of Pavilion Capital and Touchstone Partners.
The medtech startup is looking to use the investment to develop its healthcare service ecosystem, including remote doctor consultancy, round-the-clock medicine deliveries, and home medical tests.
In particular, Medigo said round-the-clock medicine deliveries are a key feature in the medtech sector, while home medical tests aim to reduce overloading at hospitals and save time for patients.
Medigo, with over 500,000 frequent customers in major cities, has adopted digital transformation to optimize operations and aid healthcare in the community, the firm said.
“East Ventures’ investment is a powerful vote of confidence in Medigo’s vision, business model, and direction,” said East Ventures managing partner Koh Wai Kit.
In 2021, Medigo raised $1 million in seed funding from the HCMC-based Touchstone Partners in order to build a leading on-demand medicine delivery and telemedicine service in Vietnam.
Healthcare spending in Vietnam rose from $16.1 billion in 2017 to $20 billion in 2021 and could rise to $23.3 billion in 2025 and $33.8 billion in 2030, based on a compound annual growth rate (CAGR) of 7.6%, said a November release by Vietnam Report, a Vietnamese research and ranking company.