Mednow Inc, a Canadian on-demand virtual pharmacy, has closed a CAD500,000 investment in Doko Medical (Doko Medical) by way of convertible debenture (the Doko Investment), for a 2.8 per cent equity interest at a CAD17.5 million pre-money valuation.
Doko Medical is a virtual healthcare provider operating across the US. Currently servicing 38 states, Doko Medical has over 100 physicians and health care workers engaged over its platform, which specialises in urgent care, mental health and erectile dysfunction. Doko Medical’s platform is used daily by physicians and patients, and patients can order prescriptions and send them directly to a pharmacy of choice, resulting in a hassle-free patient experience. The proceeds of the Doko investment will be used by Doko Medical to invest in digital marketing, hire US sales and management staff, hire care-navigation professionals to manage patient care, and invest in a technological platform.
“Mednow’s initial investment in Doko Medical aligns with our goals of providing exceptional quality service and discrete, fast and convenient support to patients through digital pharmacies. This investment initiates Mednow’s entry into the US telemedicine and pharmacy services in a prudent manner where we have the ability to benefit from the growing demands of these industries, with the option to increase our investment in the future,” says Karim Nassar, Chief Executive Officer of Mednow. “Given the sensitive and underserved market to support patients with erectile dysfunction, coupled with a lack of insurance coverage in the United States, we believe this investment will show our commitment to the importance of men’s health and wellness.”
From start to finish, Doko Medical will match each patient with a physician, provide the required medications, and most importantly, offer ongoing support with one of their experienced pharmacists. Currently Mednow’s online services, both on our website and our app, support men’s health in Canada, providing physician care and treatments for erectile dysfunction and male balding with free delivery.
The investment in Doko Medical further emphasises Mednow’s support for patient care, as it lines up with recent investments in virtual doctor services, mental health, genetic testing technology and specialty pharmacy. The Doko Medical investment compliments the acquisitions of Infusicare Canada Inc and Medvisit, which combined had aggregate revenue and gross profit in their last fiscal year of approximately CAD13 million and CAD1.2 million respectively.
“We are excited to join forces with a healthcare leader like Mednow, as we continue to strive to become a truly holistic patient care platform. Servicing our patients in an ethical, comprehensive manner is our mission and a partnership with Mednow further reinforces that journey,” says Vino Shan, Founder and Chief Technology Officer of Doko Medical.
