Catching Up

How “Unexceptional” Things Helped This M’sian Healthcare Startup Raise US$1 Mil In Funding

  • Malaysian health management platform HealthMetrics has recently announced their success in acquiring US$1 million in funding from venture capital firms Spiral Ventures, RHL Ventures, and Cradle Seed Ventures.
  • CEO Alvin Yuan attributed his team’s funding success to its strong growth performance, and credited their participation in Google’s Launchpad Accelerator programme as one of the major aids that has helped them along the way.
  • HealthMetrics will use the new injection of funds to improve their current offerings, as well as introduce new product verticals with a focus on helping their healthcare partners.

After becoming the first Malaysian startup to join Google’s Launchpad Accelerator programme for 2017, healthcare management platform HealthMetrics recently announced their success in acquiring US$1 million in funding from three major venture firms, namely Spiral Ventures, RHL Ventures, and Cradle Seed Ventures.

Founded in 2016 by Alvin Yuan and Advent Phang, HealthMetrics focuses on the corporate side of healthcare management and aims to help businesses save on healthcare costs for employees.

Update: The previous paragraph has been amended to clarify the roles of the founders. 

Their services include the streamlining of employee medical claims, healthcare analytics, the linking of corporates to partner clinics, and the management of corporate health benefits among other things.

As it stands, HealthMetrics has—within the first five months of 2018—managed to exceed the revenue of the previous year, and according to official statements, they have managed to disburse over RM6.5 million to partner healthcare providers since inception.

Growth Attracts More Growth

Speaking on their funding success, Alvin Yuan, CEO of HealthMetrics said that the road leading up to it was pretty much straightforward.

“It was very unexceptional. The team focused on the fundamentals of the business rather than focusing on raising funds,” he explained. “Over months of engagement with investors, the team was able to continually show them positive business growth, hence giving providing them with the necessary confidence in our business.”

“It should be noted that investors in this region focus a lot on the fundamentals of the business and the potential growth of the company,” he added.

“Startups should not just focus on the future, but also what runs the company at present.”

Expounding on this further, Alvin also said that HealthMetrics’ participation in the Google Launchpad Accelerator contributed heavily to their capacity for sustained growth.

“Participating in the Google Launchpad Accelerator gave us a platform to access mentors from all over the world in fields such as business strategy, growth hacking, and especially the use of machine learning to further enhance our products,” he said.

“With these enhanced products, we were able to scale to business further and this indirectly helped us secure this funding round.”

Thinking Big

With an extra US$1 million in hand, HealthMetrics will now aim to build upon its current line-up of offerings by introducing more product verticals and allowing corporate clients the ability to provide competitive yet flexible benefits to their employees.

Additionally, HealthMetrics will also use the funding to strengthen and improve operational workflow on their platform as they continue to grow.

“As the product matures, HealthMetrics are venturing into larger enterprises as it looks to address the needs of Malaysian corporates without compromising services to SMEs,” said Alvin. “We believe that corporates from various segments all have different problems when it comes to addressing employee benefit needs, and over the years, we’ve identified the key needs of larger companies.”

“As a result, HealthMetrics is now ready to scale to larger enterprises.”

But despite their focus on going big, HealthMetrics still understands the importance of their relationships with their healthcare partners—the backbone of their operations.

“Our success would not have been possible without the help of our healthcare partners,” Alvin continued. “Therefore in the coming months, we’ll be looking to enhance services provided to our healthcare providers and help them do what they do best—diagnosing and treating patients.”

  • To read our previous feature piece on HealthMetrics, click here.
  • To know more about HealthMetrics and their products, visit their website or Facebook page.

Feature Image Credit: HealthMetrics

 

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