Docosan , a Ho Chi Minh City health tech startup which is getting Vietnam’s digitally savvy masses to skip crowded waiting rooms by booking doctors on its app, has raised over $1 million in one of Vietnam’s largest health tech seed rounds ever.
The oversubscribed round was led by top Taiwanese tech venture capital firm AppWorks, one of the most active early-stage investors in the region and whose prior investments include Lalamove, Carousell, ShopBack and KKday. The round was joined by biotech entrepreneur David Ma and Singapore-based investors Huat Ventures.
“Docosan is bringing the digital revolution to healthcare in Vietnam thanks to its determined team and innovative platform,” said AppWorks partner Andy Tsai. “We noticed Docosan’s potential early on because of its participation in the AppWorks Accelerator. Docosan’s founders demonstrated strong experience and dedication to the healthcare issues in the region. We are proud to be supporting Docosan’s vision of better healthcare access for all.”
In less than a year of operations, Docosan has helped over 50,000 patients discover and book appointments with hundreds of vetted doctors across 35 specialties. Docosan’s CEO and co-founder Beth Ann Lopez chalked up the rapid growth to vast untapped demand for a convenient and intuitive way to find the top healthcare options.
“It’s so easy to use your smartphone to order a banh mi or a motorbike taxi but finding the right doctor is still a frustrating experience for many. People often rely on word-of-mouth recommendations from family members and sit for hours in crowded waiting rooms hoping for an appointment instead of booking in advance,” Lopez said. “Docosan’s mobile platform, which includes transparent pricing information, verified customer reviews, and 24/7 booking, makes finding the right doctor as easy an opening our app.”
Docosan’s platform works by allowing patients to book and filter doctors based on price, location, specialty, reviews, and more. Key to the platform’s success has been quick adoption by the many healthcare providers who struggle to expand their customer base and manage appointments.
“Many clinics are frustrated after spending large amounts on social media marketing because these networks’ vast, opaque user bases are difficult to harness to reach new patients. Docosan gives providers a far better, more tailored user base to expand,” Lopez said. “Meanwhile, Docosan’s proprietary booking software provides doctors an easier way to manage bookings compared to the crowded waiting rooms, which people are increasingly wary of amid the pandemic.”
Docosan has already integrated e-payments and insurance into its platform, with future plans to add telehealth and pharmacy services. The startup’s ambitious vision has been featured in the British Medical Journal and NASDAQ.com. Founded by Harvard University graduates, it participated in Harvard’s selective Launch Lab X accelerator and AppWorks’ regional accelerator.
“Southeast Asia has been transformed by mass smartphone adoption and the rise of tech platforms, but in many places healthcare has yet to catch up with this trend. We’re very excited to make this happen thanks to our investors,” Lopez said.
Docosan is part of the Galen Growth 2021 HealthTech Cohort, the only acceleration programme built to scale digital health startups to be the next generation powering healthcare innovation across the globe. For more information, visit Galen Growth’s HealthTech Cohort webpage or read this article on the launch of the Galen Growth’s 2021 HealthTech Cohort.