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Perth-based telehealth and medicine delivery company Hola Health has successfully closed a $4.5 million pre-Series A funding round led by M8 Ventures with follow-on capital from FundWA and angel investors.
Founded in 2020 by brothers Lenin Rajendran and Thirunavukkarasu Rajendran alongside Dr Vishnu Gopalan, Hola Health aims to make healthcare more accessible to Australians by leveraging technology to overcome the challenges of long wait times for treatment, particularly in rural areas.
Hola Health notes that close to half of all Australian patients seeing a GP for urgent care are forced to wait 24 hours or more for treatment, and a quarter of all patients are waiting longer for appointments than they feel is acceptable.
As a result of its ongoing mission to address these problems by facilitating on-demand, value-for-money care within 15 minutes, Hola Health has gained rapid traction nationwide over the past few years, going from just $11,000 in sales in FY21 to $3.8 million in the past financial year, with expectations to surpass $10 million in FY24.
The investment will be used to scale Hola Health's operations, expanding its reach to more consumers and corporate customers. This adds to established partnerships with HealthEngine, MedAdvisor, and TerryWhiteChemmart, as well as Hola Health featuring in the Uber Eats and DoorDash pharmacy online marketplaces.
"This investment is not just a financial boost but a strong vote of confidence in our vision to make primary healthcare accessible and immediate for all Australians," says Hola Health co-founder and CEO Lenin Rajendran.
"We're now set to fast-track our growth, bringing our services to even more people across the country, and preparing for our first international markets."
Following the investment, M8 Ventures general partner and co-founder Emily Rich will be joining the Hola Health board.
"We are excited to lead this round of investment for Hola Health. Their innovative approach to on-demand healthcare, combined with their impressive growth and commitment to excellence, aligns perfectly with our investment philosophy," says Rich, who was an early angel investor in the company.
"We look forward to supporting Hola Health as they continue to expand and redefine healthcare accessibility in Australia."
M8 Ventures general partner and co-founder Alan Jones says today's announcement represents the fund's first venture-scale investment.
"We’ve known the team since the previous investment round and Hola Health’s team have consistently impressed us with their innovative approach to on-demand healthcare," he says.
"They’re experiencing category-leading customer growth and building a reputation for market-leading quality of service. M8 Ventures backs product-led teams on a mission to build world-class technology products like these."
As a tech investor since 2008, Jones' previous investments include Canva, Goterra, Heaps Normal, Josef Legal, BindiMaps, Blackbird Ventures, Bugcrowd, Edapt, Tiliter and Psylo.
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