Medical booking platform HotDoc raising $30 million
It turns out HealthEngine isn’t the only medical appointment booking software company raising capital.
As HealthEngine talks to institutional investors ahead of its ASX debut, rival HotDoc is approaching venture capital funds, high net worth investors and institutions for a $30 million Series D raise.
HotDoc chief executive Ben Hurst is raising funds for his medical booking software company. Luis Enrique Ascui
Like HealthEngine, its business has boomed off the back of the COVID-19 pandemic, and it wants to make the most of the traffic.
Thanks to the vaccination surge, an additional 1.25 million Australians used HotDoc to book an appointment in the September quarter. In total, its service has been used by 11 million Australians, having added 4 million first time users in the past year.
In comparison, HealthEngine recently revealed it had 3.9 million users.
HotDoc is believed to have had 47 per cent recent growth year-on-year for the September quarter, booking $5.2 million revenue - a comparable figure to HealthEngine’s $5.1 million.
Over the course of its nine years in business, it has been used to book 55 million appointments.
Having enabled the booking of 7 million COVID-19 vaccination appointments, this accounts for about 20 per cent of the country’s total vaccinations to date.
The business, which was founded in 2012 by CEO Dr Ben Hurst and CTO Tom Spacek, has raised $20 million to date, with its first serious capital raise being a $2.2 million Series A round in 2015.
It was started out as on online booking directory with the aim of making it easier to connect clinics and clinicians with their patients, but now also encompasses reminder alerts, mobile check-in, patient registration and SMS recalls.
Since 2015, it has grown from 2000 practitioners on the platform to 25,000 today.
Its investors include AirTree Ventures and Right Click Capital.
While the GP market remains a big focus for the company, it is also expanding into the allied health space, adding dentists, physiotherapists and other specialists to its bookings platform.
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