HANOI, 9th February 2022 — Medici, Vietnam’s leading one-stop healthcare and insurance platform, has raised an undisclosed amount in their pre-Series A round co-led by Wavemaker Partners and Jungle Ventures, with participation from Medici’s existing investor, Insignia Ventures Partners. The company will use the fresh funds to scale up its insuretech footprint, expand its healthcare offering, and hire across different roles in the organization.
Founded in 2019, by Duc Anh Ngo, Medici’s vision is to make healthcare and insurance more accessible and affordable to the masses in Vietnam. The company brings a unique approach to increasing healthcare access and protection in Vietnam through its holistic healthcare ecosystem that has expanded from telemedicine to a marketplace and most recently, insurance.
In the last two years alone, Medici has grown to be the largest in-house doctor influencer network in Vietnam, with partnerships with over 50 hospitals and clinics for health screenings, a drugs and supplements marketplace, and over 100,000 e-health profiles documented on their platform.
Further, in July 2021, Medici launched its insurance business with the brokerage license issued by the Ministry of Finance, being the first tech startup in Vietnam to do so. Bolstered through its partnerships with FWD, Cathay Life, Liberty Insurance, Bao Viet Insurance, PVI, PTI and Bao Minh Insurance, the company is seeing 100% month-on-month growth in its insurance business. Vu Ba Tuyen, ex-Deputy CEO of Hanwha Life, with more than 20 years experience in the insurance industry, has been appointed as the Deputy CEO of Medici in charge of Medici’s insurance business.
Commenting on the announcement, Duc Anh Ngo, founder and CEO of Medici, says, “Medici is fast-becoming the one-stop platform for Vietnamese to secure and manage their healthcare. As we cover more aspects and pain points in Vietnamese healthcare, we continue to grow our highly localized team of seasoned operators and industry veterans. Through our latest round, we welcome the support of Wavemaker Partners and Jungle Ventures who are also invested in addressing both the insurance and healthcare needs of the region, and thank Insignia Ventures for their continued support.”
This continuous evolution of Medici’s healthcare ecosystem will be built on the company’s local advantage. “With their deep expertise and strong grasp of local market nuances, the Medici team is well-positioned to fill the stark gap in the Vietnam healthcare system, where there’s a relatively low 1:1,000 doctor-to-patient ratio, fragmentation of data with no centralized Electronic Medical Records platform, and more than 80% of OTC purchases made without prescriptions. Medici has seen impressive organic growth from a telemedicine health tech to a comprehensive wellness platform offering customers relevant preventive products, and we look forward to supporting them as they pursue their next milestones,” says Gavin Lee, General Partner at Wavemaker Partners.
Yash Sankrityayan, Managing Partner at Jungle Ventures, adds, “The ongoing pandemic has exposed the vulnerabilities in the healthcare industry, underscoring the fact that technology is the future of the healthcare industry. Medici is addressing the critical healthcare infrastructure gap in Vietnam by improving healthcare access and insurance coverage through technology. It’s a fantastic business with a tremendous growth potential, and we are incredibly excited to partner with Duc Anh Ngo and the entire team at Medici, and support their next stages of growth by leveraging our expertise and global network.”
Vu Ba Tuyen, Deputy CEO of Medici, adds, “Through the expansion of Medici’s healthcare ecosystem into insurance, we are taking an unique and more holistic approach to drive greater affordability, accessibility & personalisation of healthcare services for our customers. For our business, this evolution into insurance extends Medici’s customer-life-time value beyond the typical healthtech or insurtech platform.”
With this fresh funding, Medici aims to scale up its nationwide insurance agent network and advance its technology capability to empower traditional agents with data-driven marketing and customer service tools. The company will also be expanding its healthcare ecosystem across more specialties by onboarding more influencer doctors and developing a wider selection of healthcare products on their marketplace customized for the Vietnam market. To implement these growth initiatives, Medici will also be ramping up hiring across all positions.
Medici is the leading Vietnam company building a digital-first, holistic healthcare ecosystem enabling affordable access for the Vietnamese masses to best-in-class doctors, healthcare products, and insurance. Medici’s ecosystem includes telemedicine services connecting users to their curated network of in-house and partner doctors, clinics, and hospitals, an online marketplace for supplements powered by partnerships with pharmaceutical companies, and a network of leading companies in Vietnam distributing their services to their employees. In 2021, Medici ventured into the insurance space, being the first healthtech in the country to acquire an insurance broker license from Vietnam’s Ministry of Finance. This has enabled them to offer affordable policies based on the health data from their ecosystem, which has millions of users across more than 30 provinces in Vietnam.