Pakistan’s healthcare company Find My Doctor has raised $5 million in a pre-series A funding round, which was headed by TPL e-Ventures, the investment arm of TPL Corp and TPL Insurance.
The funds will be used to open dark stores, upgrade technology and hire new personnel, stated a corporate statement.
The healthcare firm presently offers its services in seven of the main cities of Pakistan including Karachi, Lahore, Islamabad, Rawalpindi, Multan, Peshawar, Hyderabad while plans are in place to enter 10 more by the end of 2022.
Apart from core tech, the Healthtech app will be improving upon its insurance-related features, provided by TPL Insurance.
“We are thrilled to achieve this milestone and will be scaling our operations significantly while experimenting with new products and services. Luckily, we now have the team in place as we have hired our executives from Tesla, Bykea and an insurance startup” said Saad Siddiqui, founder and CEO of Find My Doctor.
Although insurance is vital to healthcare services around the world, in Pakistan it is yet to cover the larger population, allowing space for enormous expansion for any organization which can offer reach and affordability, claimed the business.
Find My Doctor wants to offer its service both to the general public as well as the corporate sector.
“TPL Insurance continually utilizes the digital paradigm to disrupt the insurance industry. Our efforts are entirely focused on making insurance easier and accessible for all, as we look forward to building upon the same mission, set forward by Find My Doctor” said Muhammad Aminuddin, CEO TPL Insurance.
The investment round follows that of Taro Technologies, a Lahore-based growing fintech business, that acquired $3.5 million in pre-seed capital through a combination of strategic alliances and angel investors to launch a Buy-Now, Pay-Later (BNPL) venture in Pakistan.
The year 2021 emerged as the strongest year for Pakistan’s startup sector, as 81 agreements totaling $350 million were made, according to a Deal Flow Tracker by Invest2Innovate (i2i) (i2i). The sum raised is more than 5x of what was raised in 2020 i.e. $65 million.