Singapore-based digital health startup Ordinary Folk gets $5M in pre-Series A funding – What We Know!

Singapore-based digital health startup Ordinary Folk gets $5M in pre-Series A funding

Singaporean digital well being startup Abnormal Folks has bagged $5 million in pre-Sequence A funding from Monk’s Hill Ventures.

Based two years in the past, Abnormal Folks runs two telehealth platforms: Noah, an internet healthcare service devoted to males, and Zoey, which focuses on girls’s sexual wellness, fertility, psychological well being and wellbeing.

WHAT IT’S FOR

In keeping with a media launch, Abnormal Folks will use its contemporary funds to develop its enterprise throughout Asia, beginning in Singapore and Hong Kong. It additionally plans to rent extra expertise for its engineering, product, and design groups. 

Additionally it is eyeing extra B2B partnerships to supply Noah and Zoey telehealth companies to company workers.

WHY IT MATTERS

“Thousands and thousands of individuals throughout Asia discover it tough to entry correct therapy and look after well being circumstances which have super taboo connected,” Peng T. Ong, co-founder and managing accomplice at Monk’s Hill Ventures, famous.

Abnormal Folks made it a mission to make use of expertise to “simplify affected person expertise”. With round 60% of the entire well being expenditure in Southeast Asia being out-of-pocket, founder Sean Low mentioned there’s a want for a “frictionless expertise from discovery to supply”.

MARKET SNAPSHOT

Early this month, telecommunications agency China Cell formally launched its cell well being app in Hong Kong. Developed with well being tech firm Heals Healthcare, the Dr. HK app provides each on-line and offline companies, together with entry to digital well being information, on-line outpatient clinic appointments, video consultations, and drugs supply.

Asia’s digital well being market is projected to develop to round $100 billion by 2025 from $37 billion in 2020, pushed by the increasing consumer-centric digital well being ecosystem within the area, in accordance with a report by McKinsey & Co.