Naluri Raises $1.1 Million in Pre-Series A Funding as Investor Interest in Digital Health Expands Amids the COVID-19 Pandemic
Photo: Taken from Naruli Hidup’s website
KUALA LUMPUR, 27 April 2020 – Naluri, a Malaysian MSC-status and an MDEC GAIN company in digital health technology completed another Pre-Series A fund-raising round, led by Duopharma Biotech Berhad, M Venture Partners Pte Ltd from Singapore, RHL Ventures from Kuala Lumpur, and other local and international private investors.
Despite a challenging fund-raising climate where most investors prefer to hold back new investments as global economies slow down due to the global COVID-19 pandemic, Naluri was able to win the confidence of investors who have been actively engaging with the company for the past year, getting to know the founders well and seeing its growth traction. Digital health solutions have also gained prominence in today’s climate where more people need online support as healthcare providers are overwhelmed with managing COVID-19 cases and physical movements are restricted.
Naluri is a Southeast Asian pioneer in the field of digital therapeutics, which delivers evidence-based interventions and support for patients at risk of diseases, using software programs to prevent, manage, or treat a medical disorder or disease. “We focus on the intersection of mental health and chronic diseases such as diabetes, cardiovascular diseases, and cancer, and provide affordable and convenient access to structured, professional health coaching by a team of psychologists, dietitians, doctors, fitness coaches, pharmacists, career and financial coaches, who provide behavioural change and psychological support in a holistic manner,” says CEO and Co-Founder, Azran Osman-Rani. He adds, “we have seen a significant increase in mental health distress, particularly stress, anxiety and depression, because of the COVID-19 lockdown and isolation. Many companies have reached out to seek digital employee assistance programmes that provide mental health support for their staff.”
This COVID-19 pandemic has also highlighted the importance of preventive health solutions to address risks of diabetes, hypertension, and heart conditions that weakens the immune system and creates greater vulnerability to viral attacks. These chronic lifestyle conditions cannot be solved through a single consultation or a set of medication. “We see a trend of digital health moving beyond transactional tele- health consultations, to a different model of sustainable continuous care over longer periods, that delivers quantifiable and clinically-significant health outcomes,” says Mayank Parekh, Founding Partner of M Venture Partners. He adds, “Simply put, we back great people; we are impressed with the Founders and remain confident that Azran, Dr. Jeremy and the Naluri team have the background and experience to shape the next generation of digital health solutions.”
Raja Hamzah Abidin, Managing Partner of RHL Ventures commented, “Our investment in Naluri was based on the traction that they achieved working with blue-chip industry leaders in insurance, healthcare providers, large corporate employers, and pharmaceutical players, especially with the Duopharma Biotech partnership, and the international expansion into Indonesia and Singapore. He further adds, “RHL Ventures is keen to support Naluri’s further growth by introducing Naluri’s digital health solution to our extensive corporate network”.
Naluri plans to use the proceeds of this round to extend its runway for at least 12-15 months and position itself for its next Series A round. According to Dr Jeremy Ting, President and Co-Founder, “We have had a number of strategic and financial investors who have expressed strong interest in the next round, and we want to be able to demonstrate continued growth domestically and regionally, while deepening our track record in our core mental health, diabetes, and heart disease therapeutic areas.”
Microsoft Word – Naluri 2020 SAFE Investment Press Release.Final.docx
Investors from earlier Naluri fund-raising rounds include 500 Durians, Global Founders Capital, Stanford- Start X Fund, and BioMark.
About Naluri
Naluri Hidup Sdn Bhd is a Malaysian-headquartered digital health therapeutics company that combines behavior science, data science and digital design to provide structured health coaching and psychological support for users who are at risk of, or managing, chronic diseases such as diabetes, cardiovascular diseases or chronic depression, anxiety and stress. Naluri assigns users to a personal psychologist or counselor and provides holistic professional advice from multi-disciplinary health coaches, and various digital tools such as a food journal, thought journal, digital planner and a digital curriculum of health modules, over a 16-week behavior change coaching programme.
About M Venture Partners
M Venture Partners (MVP), headquartered in Singapore and licensed by the Monetary Authority, is an early stage investor and partner to innovative and disruptive start-up ventures that are founded by “professionally-skilled” entrepreneurs with vision, true-grit and passion to create and “build to last” a different future.
