Zi.Care Confirms Series A Funding Worth IDR 46 Billion
Led by Greenwillow Capital Management with participation from Adaptive Capital Partners and Iterative
Startups healthcare Zi.Care announced that it has completed the series A round with total funding of $3 million (around IDR 46,1 billion). The round was led by Greenwillow Capital Management, with support from Adaptive Capital Partners and Iterative Capital.
Adaptive is an investor from Singapore that focuses on early stage funding for startups operating in the sector healthtech and Medtech. Meanwhile, Iterative is an investor from Singapore who runs accelerator programs such as Y Combinator.
The series A round is already underway since this year and from the start targeted to raise funds of $3 million. Quoting from VentureCap, there are not only the three investors above other names those taking part included PT Madina Mentari Utama, Medical Informatics Co Ltd, and Telkomsel Innovation Partners (TMI).
In an official statement provided by the company, the fresh funds will be used to expand Zi.Care's business reach in various regions in Indonesia. The company will establish a commercial business with 1.750 new hospitals, building on 100 existing partnerships across the country.
Zi.Care provides digitalization solutions for hospitals with a primary emphasis on Electronic Medical Records (EMR), including diagnoses, health test results, medications and treatment.
This focus is in line with the mandate of the Ministry of Health - through Minister of Health Regulation no. 24 of 2022—which wants to encourage digitalization progress in the health domain with a special focus on the implementation of electronic medical records throughout Indonesia. The impact of this Ministerial Regulation is to increase the standardization of electronic medical records to reach level 7 according to the strict standards of HIMSS.
"With the issuance and approval of the Indonesian Health Omnibus Law by the DPR this year, it increases confidence in the potential for technology business growth to support the transformation of the Indonesian Health sector," wrote Zi.Care management.
According to government statistics, nearly 2 million Indonesians seek medical treatment abroad every year. This trend causes significant foreign exchange losses, reaching IDR 165 trillion, flowing to various destination countries.
In this context, the government shows its commitment to improving the quality of health services in Indonesia. One of the initiatives involves improving the standardization of electronic medical records, aiming not only to keep health spending in check within the country, but also to improve the overall health landscape for citizens.
Within Indonesia's borders, there is a health ecosystem, consisting of more than 3.300 hospitals, 10.000 clinics, and a population of up to 270 million patients.
Adaptive Capital Partners and Iterative Capital assess that the potential for growth in the health sector in Indonesia is very large and very promising. This optimism is supported by several key indicators, including a significant increase in health sector investment in Indonesia compared to other countries.
This is also strengthened by the government's commitment, as can be seen from the allocation of state budget funds for the health sector, which has increased steadily in recent years. Last year the allocation reached a record high of IDR 179 trillion.