WebDoctor, the Irish health technology platform, has received a €3 million investment from Venturewave Capital, a venture private equity investor focusing on entrepreneurial companies with high impact potential. The investment values the business at €48 million. It will accelerate WebDoctor’s international growth and expansion and scale the sales, marketing, product, and technology teams.
WebDoctor is a leading health technology business and telehealth platform which enables engagement and collaboration between healthcare practitioners and their patients. Since its establishment in 2013, the company has processed over three million bookings to GPs, pharmacies and other health-related clinics and has over 350,000 Irish patients registered on its GP platform.
WebDoctor was founded when brothers Oisin and Howard Kim and co-founder Martin Commins helped a family friend, Dr. Sylvester Mooney, transform his medical clinic’s business. Today, WebDoctor enables doctors to conduct their day-to-day operations virtually and automate their booking and payment processes. Patients can attend virtual consultations at a lower cost than in-person appointments.
The demand for telehealth during Covid has skyrocketed with WebDoctor itself experiencing a 75% increase in revenue from 2019 to 2020. Venturewave Capital’s team will work alongside WebDoctor executives, including newly appointed CEO David Crimmins, to drive the company’s post-pandemic growth and expansion into new markets. CEO David Crimmins, former Commercial Director at GloHealth, has previously launched and marketed products for five companies across three sectors, with P&L responsibility for multimillion-euro budgets. Venturewave Capital Chairman and Managing Partner Alan Foy will join WebDoctor’s board of directors.
WebDoctor is consistent with Venturewave Capital’s objective of delivering social outcomes in its investment mandate. These include reduced costs and easier patient accessibility, support for healthcare professionals seeking flexible work arrangements, and reduced carbon emissions through fewer journeys to and energy costs at GP clinics.
Alan Foy, Chairman and Managing Partner Venturewave Capital, said: “We are excited to invest in WebDoctor – a successful, scaling Irish health technology business with a powerful team of promoters and entrepreneurs. WebDoctor is a great example of an Irish company with an excellent market opportunity, a proven team and an exemplary technology/product platform. We look forward to supporting the team in their future scaling. We are confident the team will drive new opportunities to impact the next phase of their successful journey”.
David Crimmins, CEO of WebDoctor, stated: “Venturewave Capital’s investment comes at a pivotal time for WebDoctor. It will enable us to meet the exponential growth of the telehealth market and operate internationally. This is an exciting time for the company, and we look forward to further developing our B2C and B2B offerings in the short term.”
Kieran McLoughlin, Venturewave Capital Managing Partner, said: “Our Global and Irish investors are committed to backing great companies that generate both financial and social returns. Together with David and the WebDoctor team, we have set significant Impact goals for the next 10 years, including serving 15 million patients and supporting 500 healthcare professionals seeking flexible work. WebDoctor’s business is aligned with our fundamental objective of generating profit with a purpose.”
Noel McSweeney, Chairman of WebDoctor, said: “Against the backdrop of COVID-19, the team has been working on the strategic development of the business, and Venturewave Capital’s investment recognises our potential as we look towards a positive future.”
