Healthtech Startup Lifepack Completes Series A Funding Led by Golden Gate Ventures

PT Indopacific Teknologi Medika Indonesia (ITMI) through brand Lifepack, managed to secure Series A funding of $7 million or more than 103 billion Rupiah. This round was led by Golden Gate Ventures and participated by several previous investors, such as Teja Ventures, Jungle Ventures, and SkyStar Capital.

Natali Ardianto, Co-Founder and CEO of Lifepack, revealed that this fresh fund will be used to strengthen its presence outside Jakarta. Until now, Lifepack pharmacies are available in Jakarta and Surabaya. The company has also received a license to open a branch in Bandung.

"The target is that the company will add 7 new pharmacies in each city, such as Bekasi, Tangerang and Bogor," continued Natali.

Justin Hall, partner at Golden Gate Ventures said, "Lifepack has the best formula with a combination of great founders with a strong vision and business ideas that are relevant to the market. "We are ready to support the growth of the Lifepack business through our extensive network and our deep insights for various collaboration opportunities in the start-up golden triangle region in Indonesia, Vietnam and Singapore," he said.

Since the company's inception, Golden Gate Ventures has provided great support to Lifepack as one of the start-ups that seek to digitize traditional industries in Indonesia. Golden Gate Ventures is one of the pioneers of the start-up ecosystem in Southeast Asia that has long focused on the health technology industry, which has also supported strong players in the same sector such as Medigo, Alodokter, and Hanna Life Technologies.

Lifepack started operating in the early days of the pandemic. At that time, PPKM was still strict and hospitals were still filled with Covid-19 patients. This raises concern for sufferers of chronic diseases such as diabetes, heart disease, stroke and others in getting drugs. This has become the focus of the company in providing integrated and fast services.

From a business perspective, Natali admitted that the presence of Covid-19 had given benefits to the company. However, a significant impact of this pandemic is learning about health. Covid-19 is the starting gate of health literacy and a catalyst for consumers in terms of health awareness.

Sebagai digital pharmacy, Natali revealed, the company currently has two business models. First, the B2B2C model that caters for digital prescriptions or e-prescription by the doctor. Then, OTC product B2C services (over the counter). Lifepack Pharmacy provides pharmaceutical services by guaranteeing the quality of drugs, providing affordable, complete, and more efficient prices with a free shipping program throughout Indonesia.

The potential of the pharmacy market in Indonesia is still very large. In 2025, the pharmaceutical industry in Indonesia is predicted to grow twice with an estimated market value of close to US$ 20 billion. Online pharmacy alone only covers 3.5% of the total share of this large pharmaceutical market. The population of Indonesia, which reaches more than 245 million people and spreads over 34 provinces, makes Indonesia a potential market for the pharmacy market.

Besides Lifepack, another player with a similar business model is a pharmaceutical company from Singapore SwipeRx, formerly known as mClinica Pharmacy Solutions. The company recently succeeded in raising series B funding and is ready to accelerate its business in Indonesia.

Business growth and future targets

Lifepack is not the only product under the ITMI banner that is engaged in the health industry. Previously existed Jovee, a service that focuses on providing supplement needs for the community. This company relies on "data science" in providing supplementary recommendations as needed.

Natali admits that when it was founded in 2019, the company was still in the discovery. Lifepack found its business model in 2021. Once felt scalable, then his team started to raise funds and finally entered growth stages in the year 2022.

Until now, Lifepack pharmacies provide more than 5.000 products ranging from medicines, vitamins, to medical devices that can be guaranteed to be original. Lifepack also offers instant delivery with a maximum duration of 2 hours, while for the entire island of Java, delivery within 24 hours. Through this application, his party claimed to want to implement Good Pharmacy Practice in providing pharmaceutical services.

Natali also explained in terms of the company's MoM business growth which reached 30%, with a total of 60 thousand users per month. In addition, the number of doctors who have registered in the Lifepack ecosystem has reached more than 1000. This proves that Lifepack is on a sustainable path.

In joint discussion DailySocial, Natali also raised one of the government's initiatives for the Trial of the Indonesia Health Service Platform which will integrate health data from various players in this industry. According to him, this is important, considering the health industry is very fragmented, even though the health services are already very good.

In terms of collaboration, the company claims to always maintain good relations with parties involved in the industry. According to him, government regulations for this industry are also fairly good.

"We are very open to collaboration. We ourselves have collaborated with many related parties such as associations in the pharmaceutical and medical fields. Because we are here to build a better pharmaceutical industry."

According to Natali, the fundamental problem of pharmacy in Indonesia is that pharmacists are often judged as mere pharmacists. In fact, pharmacists study pharmacology (drug interactions) much longer than doctors. Not many people take this seriously. Call center Lifepack is served directly by reliable pharmacists and is open for consultation.

"Currently Indonesia is at the beginning of the technology-based healthcare revolution. In less than two years, people have changed their habits by 180 degrees, where all things related to health can be accessed via mobile phones. Lifepack will lead the pharmacy revolution and create an omnichannel service – as a a health destination for patients and medical professionals to get excellent health services," said Natali.