Bailador invests $20m in fast-growing telehealth startup Updoc

Bailador invests $20m in fast-growing telehealth startup Updoc

Updoc co-founders Dylan Coyne (left) and Clifton Hodgkinson (right).

Sydney-headquartered digital healthcare platform Updoc has broken from its bootstrapped roots by receiving a $20 million investment from Bailador Technology Investments (ASX:BTI), which is set to supercharge its offering that has helped 200,000 Australians connect with practitioners.

The inclusion of Updoc in Bailador's portfolio adds to its other Australian health tech investments including Access Telehealth, men's health focused Mosh, and InstantScrips which it exited in mid-2023 year in a $135 million buyout from Wesfarmers (ASX: WES) subsidiary Australian Pharmaceutical Industries.

Updoc, founded in 2021 by Australia's Top 100 Young Entrepreneurs listers Dylan Coyne and Clifton Hodgkinson, provides a range of services including advice, online prescriptions, specialist referrals, pathology referrals and medical letters.

Its Canva alumni founders assert the startup is "not your run-of-the-mill, new-age Australian telehealth company", emphasising their aim to alleviate the significant burden on Australia's healthcare system by applying a product-first approach.

Their desire is to make seeing a doctor "as easy as ordering a pizza", with a lowered cost of treatment given all consultations are delivered digitally, increasing the convenience and accessibility for patients, particularly in regional areas, while also providing flexible work opportunities for medical professionals. 

"This investment from Bailador will enable us to move more rapidly towards helping millions of people with healthcare access by accelerating product development and international expansion," Coyne and Hodgkinson, who are also Updoc's co-CEOs, said in an ASX statement this morning.

"Bailador shares our belief in the potential of our platform to support healthcare delivery, helping to lower costs and improve accessibility for consumers.

"This is just the beginning for Updoc and we look forward to continuing to grow with the support of Paul Wilson and the Bailador team."

Updoc plans to utilise the funds raised to continue to invest in building market-leading technology, accelerate development of its product roadmap, and support continued expansion.

"Australian consumers have wholeheartedly embraced telehealth as an efficient way to access routine health services," says Paul Wilson, Bailador's co-founder and managing partner.

"We know the digital health space quite well, and have had success in that industry segment. Updoc provide an exceptional experience for both patients and health practitioners.

"We are also pleased that by making routine doctor interactions more efficient, the sector is helping to ease the pressure on the Australian healthcare system."

In other news at the fund, last month Bailador revealed it had revalued its investment in volunteer management software platform Rosterfy upwards by 27 per cent - or $2.7 million - at the end of April, taking its valuation to $12.4 million.

Rosterfy was also founded by Top 100 Young Entrepreneurs listers - Bennett Merriman, Shannan Gove and Chris Grant - and recently celebrated reaching the milestone of more than 100 million volunteer hours powered by the platform.

The startup's customers ranging from Lifeline Australia to FIFA to the Greater London Authority, with half its annualised recurring revenue (ARR) coming from outside Australia.

"Rosterfy is a great example of Bailador's investing philosophy and the characteristics we look for in a potential portfolio company," Bailador stated in its founders' commentary last month.

"Rosterfy has developed a market-leading product addressing a global market which solves a mission critical pain point for not-for-profit organisations – recruiting and retaining volunteers.

"Since our investment, Rosterfy has demonstrated strong ARR growth, driven by a combination of new customer wins and account expansion from existing customers."

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