Medigo, a medtech platform located in Vietnam, said today that it has secured $1 million in initial investment from Touchstone Partners, a Vietnam-based early-stage venture capital firm.
Medigo is to utilize the funds to improve its technology and operations, grow its client base, and build a pharmacy network with numerous stock-keeping units (SKUs).
A part of the funds will be used to expand Medigo’s telemedicine service, which allows customers to consult with doctors over the phone. This aligns with Medigo’s product strategy as a connecting platform.
Medigo, founded in 2019 by Ha Le, an experienced developer who just returned to Vietnam from Germany, seeks to link consumers with remote and high-quality healthcare services that enable on-demand drug delivery 24 hours a day, seven days a week. It assists customers in locating licensed pharmacies near them and placing orders for medication to be delivered within 20 minutes.
The firm claims to have developed agreements with over 200 pharmacies in three major Vietnamese cities, including significant drugstore chains and hospital pharmacies. All of these partners must be certified and licensed by Vietnam’s Ministry of Health, and they must employ competent and devoted pharmacists.
According to Medigo’s CEO, most Vietnamese go to pharmacies as their initial point of contact for medical issues. Their quality, on the other hand, is difficult to assess.
“We want to use medicine delivery as a feature to educate users of online healthcare services and be familiar with remote pharmacists and doctors’ consultation, building a strong foundation for Medigo’s future telemedicine services,” stated Medigo CEO Ha Le.
Medigo is also expanding its service offerings, such as advertising and bulk drug ordering for the network’s pharmacies, according to Le.
Medigo is gaining popularity, according to the press release, by allowing individuals to buy medicine online from the comfort of their own homes, particularly during lockdowns. In the last six months, the company’s gross merchandise value (GMV) has risen eightfold, with over 200,000 users. In addition, these pharmacy partners have seen a 20-50 percent boost in income.
“We believe this trend will stay as we enter a re-opening period while still managing the pandemic in Vietnam,” said Tu Ngo, general partner of Touchstone Partners. “The investment also aligns with our ESG-friendly investment principles, building a platform for affordable and accessible high-quality healthcare services to the mass in Vietnam.”
Since its inception in April, Touchstone Partners’ $50 million inaugural funds has made many investments, including this one. Fintech, real estate, healthcare, edutech, and technology that improves efficiency in major Vietnamese value chains like manufacturing and agriculture are among the firm’s areas of focus. 70% of the Vietnamese population lives in rural or distant locations, which is a benefit for the telehealth industry in terms of addressing medical manpower shortages and lowering total healthcare expenses.