1. Startups

East Ventures Leads Medigo Series A Fund, Vietnam Telehealth Startup

Medigo obtained funding of $ 2 million or around 30,7 billion Rupiah

East Ventures leads series A funding to Medigo, startup telehealth from Vietnam, with a total value of $2 million (approximately 30,7 billion Rupiah). Pavilion Capital and Touchstone Partners also participated in this funding round.

East Ventures Managing Partner Koh Wai Kit said, "Digital technology can increase the accessibility and affordability of quality healthcare. We are excited about Medigo's mission to revolutionize pharmacy and healthcare in Vietnam. We welcome Medigo to the East Ventures ecosystem and look forward to continuing to collaborate to drive healthcare innovation."

Medigo Ha Le Co-Founder & CEO said that he would strengthen and develop the healthcare ecosystem in Vietnam with this funding. This includes remote doctor consulting services, instant drug delivery, and in-home testing services (home testing).

"East Ventures is a leading venture capital firm in Southeast Asia and the world with a total of 250 portfolios. This investment is testament to the strong belief in Medigo's vision, business model, and direction. We are excited to continue working with them in growing our business." he said in an official statement.

Founded in 2019, Medigo offers online prescription and drug delivery services on-demand to the nearest licensed pharmacy. Medigo offers fast and cost-effective healthcare to people. Currently, the service already has 500 thousand active users and 1.000 pharmaceutical partners throughout Vietnam.

The Medigo platform claims to be able to deliver medication within 20 minutes. Meanwhile, service home testing Health services offered include blood tests, urine tests (urinalysis), and pregnancy tests.

Medigo has a vision to develop a strong healthcare ecosystem in Vietnam by improving operations, optimizing user experience, and bridging access to society safely, quickly and efficiently.

Apart from Medigo, East Ventures also participated in series A startup funding healthtech Viet Nam, Med247. This platform offers health services from polyclinics to application-based telemedicine.

Vietnam's healthcare landscape

Citing exposure American Chamber of Commerce (AmCham) Vietnam, the health industry there is faced with a number of challenges, such as the lack of adequate health facilities. Currently, Vietnam's health facilities are dominated by 86% of public hospitals which lack adequate medical equipment and are overcrowded with patients.

Hospitals (RS) in Hanoi and Ho Chi Minh accommodate 60% of the total patients in this country. However, the medical equipment in most public hospitals is outdated, making it less possible to carry out operations and intensive care.

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In addition, public hospitals in Vietnam depend on the state budget to upgrade medical facilities and equipment. Even though the budget in the health sector has been increased, the value is still considered too small. Currently, the cost of health expenditure per capita in Vietnam is growing by 9,2% per year and is predicted to reach $262 in 2025.

In Indonesia, there are startups healthtech with a similar name "Medigo" which originally had a mission to digitize the health ecosystem in Indonesia from patients, medical staff, clinics, hospitals, to laboratories. However, along the way, his party assessed that digitalization of hospitals was difficult to accelerate.

Medigo finally pivot Become a clinical supply chain providerclinic chains) and renamed to Smart Clinic. Pivot this is done because it is considered to touch more segments grass roots. This is because the number of clinics is more than hospitals. based on data Indonesian Statistics, there are 8.905 clinics and 2.617 hospitals as of 2021.

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