BestDoctor Raises $26M to Expand Insurtech & Telemedicine

BestDoctor Secures $26 Million in Series B Funding

Previously, we reported on BestDoctor’s Series A funding round, when the Russian insurtech company obtained $4.5 million to support its online medical insurance platform designed for businesses. This platform also incorporates telemedicine capabilities for employees.

The company has now successfully concluded a $26 million Series B investment, led by Winter Capital Partners. Additional participation came from VNV Global, a Swedish investor, and UNIQA Ventures, the corporate venture capital arm of UNIQA Insurance group.

Platform and Valuation

BestDoctor reports that this recent funding round results in a company valuation of $90 million.

The Virtual Clinic platform provided by BestDoctor delivers 24/7 telemedicine access, alongside preventative healthcare services and other related offerings.

Currently, the product is distributed as a platform solution for private sector companies. However, plans are in place to expand into the direct-to-consumer market during 2021.

Executive Commentary

Mark Sanevich, co-founder and CEO of BestDoctor, stated the company’s ambitions for growth.

In 2020, BestDoctor successfully partnered with prominent Russian technology and telecommunications companies, including Mail.ru Group, Megafon, and RBC media. This resulted in onboarding 100,000 patients onto their platform.

Sanevich also indicated the startup intends to penetrate the European digital health market, which is experiencing a substantial growth rate of 28% annually.

Investor Perspectives

Anton Farlenkov, managing director at Winter Capital Advisors, commented on the industry shift:

“A digital transformation is currently reshaping the medical insurance sector, as an increasing number of services transition online. This shift enhances accessibility and improves the user experience for individuals. BestDoctor is pioneering this change, driving the medical insurance industry towards a new standard of quality.”

Björn von Sivers, investment manager at VNV Global, added:

“The company has rapidly developed a compelling product and secured a noteworthy portfolio of corporate clients. We are confident that BestDoctor is well-positioned to maintain its leadership in the Russian market with its innovative solutions, and we also foresee significant opportunities for future geographic expansion.”