ICF Venture Tech II and IMPACT Partners are taking part in the $13 million funding round for Top Doctors, the digital platform for finding and getting in touch with medical specialists in private healthcare. The investment’s primary purpose is to drive the company’s growth in a twin-track approach. Firstly, it will enable the firm to step up its leadership in the main areas where it operates and also in places where it is more difficult to get hold of medical professionals. Then secondly, it can continue to deliver ongoing support for doctors as they shift to digital.
With this funding round featuring Drake Star Partners as financial adviser, Top Doctors expects to generate over $16 million in turnover in 2021.
Top Doctors plays a key social role, especially in areas and regions where there are not many medical specialists or doctors skilled in treating various diseases. In these places the platform enables people to get in touch with front-rank specialists through telemedicine or face-to-face appointments. “Our in-house figures show that 46% of patients make appointments in towns other than their own,” says Alberto Porciani, Top Doctors’ CEO. “Our service has helped the most sparsely populated regions to identify first-class doctors and benefit from quality information from the finest professionals. Indeed, searches for health information on our platform were on the up throughout 2020 and it will hit 200 million visits in 2021.”
“Inequality in access to healthcare is a major social problem nowadays,” notes Nicolás Touboulic from IMPACT Partners. “One of the main challenges is to make sure everyone can get hold of a specialist regardless of their income and where they live and also that patients see the most appropriate doctor for their condition. Top Doctors helps to narrow inequality in access to specialists and has also proven its market leadership by combining rising revenue and returns.”
“When you’re looking for the right specialist, sometimes it’s hard to make the best decision with all the information available,” points out Emili Gómez, investment director at ICF Venture Tech II. “Plus when you make your choice, chances are you’ll make a mistake and need to schedule another visit with a different professional. Top Doctors takes the guesswork out of this process and makes access to specialists simple and seamless for everyone.”
Established in 2013, Top Doctors’ international expansion has brought it a footprint in Europe (Spain, Italy and the United Kingdom), Latin America (Mexico, Colombia, Argentina and Chile) and Saudi Arabia. At present it has a 250-strong team and plans to expand its workforce by a further 100 people over the next twelve months.
About ICF Venture Tech II
ICF Venture Tech II FCRE is a €20 million venture capital fund managed by ICF Capital which is addressed to tech and/or innovation enterprises with high growth and appreciation potential in early stage and series A rounds. Investments are primarily in equity and debt instruments, preferably through co-investment. The amounts per transaction range between €500,000 and €2 million.
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