Irish health tech company receives €3m funding from VentureWave Capital

  • Irish SaaS platform WebDoctor has secured a €3m funding injection from VentureWave Capital.

    The funding from the private equity investor’s brings WebDoctor’s total valuation to €48m.

    Since the pandemic, WebDoctor has experienced an increase in demand for its services. The business experienced a 75%  increase in revenue from 2019 to 2020. 

    The platform enables doctors to automate their booking and payment processes, while patients can attend virtual consultations at a lower cost than in-person appointments.

    Since its founding in 2013, WebDoctor has processed over three million bookings to GPs, pharmacies and health clinics. To date the platform has more than 350,000 Irish patients registered on its GP platform.

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    VentureWave Capital’s investment will allow the company to act on its post-pandemic expansion plans. A new CEO, David Crimmins, has been appointed to aid WebDoctor’s growth. Crimmins is a former commercial director at health insurance company GloHealth.

    VentureWave Capital chairperson and managing partner, Alan Foy, will join WebDoctor’s board of directors.

    Commenting on his company’s investment in WebDoctor, Alan Foy said: “WebDoctor is a great example of an Irish company with an excellent market opportunity, proven team and exemplary technology/product platform.”

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    Kieran McLoughlin, managing partner at VentureWave Capital also said his company’s investment was part of their commitment “to backing great companies that generate both financial and social returns.”

    As part of its investment mandate, the private equity investor invests in businesses like WebDoctor, which reduces cost for patients, increases accessibility and provides flexible work arrangements for healthcare professionals.

    Mr.McLoughlin also added: “Together with David and the WebDoctor team, we have set significant Impact [Impact Ireland is a fund and a member of the Global Impact Investing Network] goals for the next 10 years including serving 15m patients and supporting 500 healthcare professionals seeking flexible work.”

    Source: Silicon Republic

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    Aoife is a Sync NI writer with a previous background working in print, online and broadcast media. She has a keen interest in all things tech related. To connect with Aoife feel free to send her an email or connect on LinkedIn.

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