HealthEngine, Australia’s largest online healthcare marketplace, has raised AU$26.7 million in a Series C funding round led by Sequoia India. The funding marks Sequoia India’s first direct investment in an Australian owned and headquartered tech startup.
Alongside Sequoia India, the funding round also attracted new investors including private equity fund Alium Capital and several notable high net worth family offices. Follow-on investments were received from Go Capital, Carsales.com.au founder Greg Roebuck, and the Founders of the Lux Group, one of Australia’s largest e-commerce companies.
HealthEngine enables patients to connect online and make appointments directly with quality health practitioners in their area, ultimately transforming the way in which Australians access and use healthcare services. One million Australians and tens of thousands of practitioners use HealthEngine every month.
The Series C cash injection creates a significant war chest for HealthEngine, that will see the business add to its product portfolio, expand into other markets and make acquisitions. It will also be used to bolster HealthEngine’s already impressive team of over 100 staff, who currently work from its headquarters in Perth and from satellite offices in Melbourne and Sydney.
HealthEngine Founder, CEO and Medical Director, Dr Marcus Tan, said “At over AU$160 billion per annum in expenditure, healthcare is one of Australia’s largest industries making up around 10% of our national GDP. The sector impacts every Australian but has been slow to adopt many of the advances we have become accustomed to in other industries. “Our goal is to improve the health of all Australians by providing a platform that enables both timely access to quality care and a seamless patient experience.”
“When we created HealthEngine, we wanted to break down the frustrations felt from both patients and practitioners trying to navigate the complex health system. We’re empowering patients to access and manage their healthcare through better information and technology. We’re also helping healthcare professionals be more effective and efficient within their practices, which ultimately leads to better care provision.”
Dr Tan said they needed an investment partner with a breadth of expertise that would help the brand unleash its potential both in Australia and on the global stage. “This investment announces HealthEngine’s arrival on the global startup scene, hopefully putting us on a similar trajectory to many of Sequoia’s other successes – iconic companies like Apple and Google and more recently startups like Whatsapp, Stripe and Airbnb.”
Pieter Kemps, Principal at Sequoia India said, “Healthcare is an enormous sector ripe for innovation globally. HealthEngine has done particularly well to become a market leading digital health company in Australia. They have built the foundation of a powerful Health Experience Platform that improves the lives of patients as well as healthcare practitioners.”
“We have been impressed by the HealthEngine team as they are credible domain experts with the technical and commercial smarts to build a world-class business. We look forward to working with them to do just that,” Mr Kemps said. Sequoia India will also join cornerstone investors Telstra Ventures and Seven West Media on the HealthEngine board.