1doc3, a colombian telemedicine startup, raises $3 million
Telemedicine Access in Latin America: 1Doc3 Secures $3 Million
While video-based telemedicine has become increasingly prevalent in the U.S. due to the pandemic, access remains limited in Latin America due to inconsistent broadband availability. 1Doc3 is addressing this challenge by utilizing text and chat-based communication to deliver healthcare services.
The Colombia-based company recently announced the successful completion of a $3 million pre-Series A funding round, spearheaded by MatterScale Ventures and Kayyak Ventures.
Addressing a Critical Need
Javier Cardona, co-founder and CEO of 1Doc3, highlighted the disparity in technology access. He noted that while he conducts interviews on advanced equipment, this is not representative of the majority of individuals in Latin America.
The company’s name, 1Doc3, is a deliberate phonetic reference to the numbers one, two, and three in the Spanish language.
Obtaining access to a primary care physician when experiencing illness is becoming increasingly difficult. 1Doc3 aims to resolve this issue within Latin America by providing an AI-powered telemedicine platform.
This platform performs symptom evaluation, patient triage, and preliminary diagnosis before connecting individuals with a qualified physician.
Rapid Connection and Comprehensive Care
“In 97% of our consultations, patients are connected with a doctor within minutes,” Cardona stated, emphasizing the speed of service.
Following a consultation, patients have the option of receiving prescription medications delivered directly to their homes through 1Doc3. This approach aims to streamline the healthcare process.
The startup, similar to others in the industry, is focused on creating a complete care pathway, enabling patients to receive timely treatment without needing to leave their residences.
Expansion Plans and Business Model
Currently operating in Colombia and Mexico, the company intends to allocate a portion of the new funding towards further regional expansion.
Additionally, resources will be dedicated to building a dedicated marketing and sales team, which has not been a priority until now.
1Doc3 serves customers both directly and through corporate partnerships, where companies cover the medical expenses of their employees via the platform.
A key objective for Cardona is to reduce unit costs, making 1Doc3 accessible to smaller businesses. Currently, corporate clients are charged between $3 and $4 per employee, per month.
“While larger corporations readily absorb these costs, our region is largely comprised of small and medium-sized enterprises,” Cardona explained.
Growth and Origins
Founded in 2013, 1Doc3 was a finalist in TechCrunch’s Latin American Battlefield competition in 2018.
The company experienced substantial growth in 2020, increasing from 2,500 to 35,000 consultations per month between February and December, respectively.
This growth resulted in the company achieving cash flow positivity in the previous year. By March 2021, the company reported a Monthly Recurring Revenue (MRR) of $120,000.
The impetus for establishing 1Doc3 stemmed from a personal experience encountered by the founder.
“While in Tanzania, I faced a medical issue and was unable to access a doctor, either locally or remotely, even in the U.S.,” Cardona recounted. “This experience sparked my determination to address this problem.” He was working in the Middle East and Africa at the time.
Investment Details
This funding round brings the total amount raised by 1Doc3 to $5 million.
Additional investors participating in the round include Swanhill Capital, Simma Capital, and existing investors The Venture City, EWA capital (formerly Mountain Nazca Colombia), and Startup Health.