TeleClinic has successfully completed its series A funding raising EUR7 million from Idinvest Partners. Having raised EUR2 million during its initial financing last November, TeleClinic is now preparing to scale up the business and provide millions more patients digital access to medical care, with new strategic partnerships and marketing activities planned for 2019.
Today, over 50 per cent of privately insured patients in Germany have free access to doctors with over 30 specialties thanks to TeleClinic. Furthermore, approximately nine million statutory insured patients benefit from TeleClinic as part of their standard care, with e-prescriptions already available to privately insured patients nationwide. To achieve this, TeleClinic is cooperating with over 7,000 pharmacies throughout the country. Statutory insured patients will follow in 2019, based on a pilot project.
With an annual growth rate of 3.8 per cent, the German healthcare sector is growing considerably faster than its GDP and is therefore unaffected by economic trends and shocks. Its private sector, containing medical products or e-health applications, generates 21.3 per cent of value added which positions
Katharina Jünger, CEO of TeleClinic, says: “The digitalisation of health care is rapidly advancing. We are playing an active role in this development and believe that TeleClinic provides easy access to high quality healthcare nationwide. As populations get older and health care costs increase, Germany needs to harness telemedicine to tackle these growing demographic challenges. Tele-consultations alone show potential benefits of over EUR4.4 billion. Therefore, we are delighted to work with a strong partner like Idinvest, with whom we can shape a digital future of healthcare.”
Matthieu Baret, Managing Partner in charge of Venture and Growth Capital at Idinvest Partners, says: “By investing in well-known and successful companies in the digital and healthcare industries, Idinvest Partners has built a reputation as one of the most prominent venture capital investors in Europe. The investment in TeleClinic presents another milestone in this strategy. TeleClinic is a pioneer in a promising field of business and in a market with great potential. In an environment of demographic change and increasing gaps in medical care in rural areas, the company fulfils an important social mission and we are pleased to support TeleClinic to achieve this objective.”
