Main Highlights
- BestDoctor has closed a $26 million Series B round led by Winter Capital Partners, alongside Swedish investor VNV Global and UNIQA Ventures, the corporate VC backed by UNIQA Insurance group
- According to the company, this round gives it a $90 million valuation
- The company, like its contemporary Oscar, strives to provide patients with 24/7 access to medical experts from various fields and to develop treatment strategies
- Over 100 corporate clients in IT, retail, pharmaceuticals, travel, media, and other industries have already adopted their solution
BestDoctor, a Russian insurtech startup that raised $4.5 million in a Series A round last year for its online medical insurance platform for corporations and also provides telemedicine services to employees, has now closed a $26 million Series B round led by Winter Capital Partners, alongside Swedish investor VNV Global and UNIQA Ventures, the corporate VC backed by UNIQA Insurance group. According to the company, this round gives it a $90 million valuation.
BestDoctor, based in Moscow, is the brainchild of two doctors and an engineer (Phillip Kuznetsov, CDO; Mark Sanevich, CEO; and Mikhail Belyandinov, COO), all of whom shared a desire to house best-in-class medical care within a cutting-edge tech service.
Services Provided by BestDoctor
The company, like its contemporary Oscar, strives to provide patients with 24/7 access to medical experts from various fields and to develop treatment strategies. Its ambition is to become Europe’s largest employee health management platform, which it is rapidly achieving.
BestDoctor is a healthcare company that develops tech insurance products for both individuals and businesses. It has the second-highest number of users among European insurtech companies. Through innovations in risk management, customer-centric product development, and digital medical services, the company has grown to be a strong player in the b2b market in just four years.
Every day, doctors conduct over 30 telemedicine consultations, and over 200 insured users are treated in partner clinics across the country. This data is recorded and processed by the smart algorithm in order to optimize risks and prices.
Over 100 corporate clients in IT, retail, pharmaceuticals, travel, media, and other industries have already adopted their solution. As a result, BestDoctor was named one of the world’s “Top 17 Health Insurance Startups” in 2019.
BestDoctor’s Virtual Clinic platform provides telemedicine services 24 hours a day, seven days a week, as well as preventive medicine and other services. The product is currently available as an enterprise platform for private companies, but it plans to enter the consumer market in 2021.
BestDoctor co-founder and CEO Mark Sanevich’s Verdicts
BestDoctor co-founder and CEO Mark Sanevich stated, “We are pursuing a new goal and building a platform with the best medical services that can be trusted with any health-related issues.” The platform will bring together all of BestDoctor’s products to serve as an example of a client- and product-focused approach to medicine. A new type of healthcare service centered on the patient and their needs is desperately needed – not just in Russia, but worldwide.”
BestDoctor secured Russian tech and telecoms behemoths Mail.ru Group, Megafon, and RBC media in 2020, bringing 100,000 patients to its platform. According to Sanevich, the startup intends to enter the European digital-health market, which is currently growing at a rate of 28 percent year on year.
“The medical insurance industry is undergoing a digital transformation, as many services move online, creating greater accessibility and improving usability for consumers,” said Anton Farlenkov, managing director at Winter Capital Advisors. BestDoctor is at the forefront of this revolution, hastening the transition of the medical insurance industry to a qualitatively new level.”
“The company has built a great product and onboarded an impressive set of corporate clients in a short time,” said Björn von Sivers, investment manager at VNV Global. BestDoctor, we believe, is in an excellent position to continue to lead the Russian market with its innovative offering, and we see significant potential for future geographical expansion.”