Asia-Pacific property and retail group Metro Holdings via its subsidiary Metro ARC Investments is shopping for a ten% curiosity in DocMed, the digital well being arm of Singaporean shopper healthcare group Hyphens Pharma, for SG$6 million ($4.3 million).
The funding will signify a Sequence A funding for DocMed, later elevating its valuation to SG$60 million ($43.5 million) based mostly on the subscription worth.
Furthermore, as a part of the deal, Hyphens Pharma is transferring its shares in pharma supplier Pan-Malayan Prescribed drugs to DocMed, changing into the latter’s wholly owned subsidiary.
WHY IT MATTERS
In line with a press launch, DocMed plans to make use of Metro’s funding for its progress plans, together with the event of an built-in well being expertise platform. The upcoming funds may also help the corporate’s growth throughout APAC whereas leveraging Metro’s regional presence.
“There are synergies for each events to seize alternatives in Singapore and the area,” claimed Metro Holdings Group Govt Director and CEO Yip Hoong Mun.
“DocMed is specializing in capturing alternatives in healthcare digitalisation and creating new digital property,” stated Hyphens Pharma Govt Chairman and CEO Lim See Wah. “We anticipate a vibrant future for this enterprise,” he added.
THE LARGER TREND
The funding deal comes as DocMed early this yr launched WellAway, the primary digital pharmacy authorised by Singapore’s Well being Sciences Authority. The e-pharmacy has signed in over 100 clinics across the nation since final yr. It’s reportedly concentrating on to onboard about 1,000 extra clinics by yearend.
Hyphens Pharma sees Metro’s funding injecting worth to its medical hypermart and digital enterprise section, which incorporates WellAway, in addition to its wholesale pharma and medical provides enterprise and e-commerce platform POM.