According to the founder of Singapore-based telehealth platform Ora, 90% of patients are under the age of 39 and have not received treatment offline for their condition. With that, Ora has a responsibility to make sure its patients, mostly millennials living in cities, have a good experience. Ora wants to appear with industries that focus on specific health issues, e.g ladies And men health And skincare. They also operate an end-to-end platform that handles everything from consultation to prescription delivery to aftercare.
Today, Ora announced that it has raised $10 million in Series A funding, which it believes is the largest Series A telemedicine funding round in Southeast Asia. The investment was co-led by TNB Aura and Antler, with participation from Gobi Partners, Kairous Capital and GMA Ventures.
This brings Ora’s total revenue since its inception in 2020 to $17 million. Founded by Elias Pour, Zalora’s former CMO, Ora claims to have experienced uninterrupted growth of more than 20% month-on-month since its launch last year.
Pour told TechCrunch that while working at Zalora, he “saw a very clear trend: from customers investing in looking good, fueled by fashion purchases that allow them to express themselves, to a good feeling associated with the physical appearance such as skin, hair, weight and general well-being.” He looked for underserved segments and saw a great opportunity in healthcare.
Pour added that Southeast Asia has some of the highest out-of-pocket health spending in the world, so no behavior change is needed to convince people to switch to direct payments. “People are already used to paying for their health care out of pocket, which for DTC fits well into this category.”
Ora claims to have conducted over 250,000 doctor consultations since its launch in 2021. It has an end-to-end model, meaning it covers consultations, pharmacy, medication delivery and after-sales care. Ora monetizes through subscriptions, with subscriptions accounting for more than 70% of its revenue.
Ora is vertically integrated and currently operates three brands. The first, called “Modules,” focuses on online dermatology consultations and prescription skin care. The second, andSons, provides male health care and the third, OVA, deals with female reproductive health care.
The platform primarily serves a young clientele. The company states that 90% of its patients are under the age of 38 and have never been treated online. Younger patients demand flexibility and speed, which is why Ora’s telemedicine model appeals to them.
Pour said that one of the challenges facing healthcare providers in Southeast Asia is the “huge gap between the patient population,” which distorts young people, and legacy healthcare experience. He estimates that around 80% of healthcare services will be available online in the next decade.
“Today, men and women between the ages of 20 and 30 living in capital cities make up 36% of the total population. It is the fastest growing segment, projected to make up half of the population in most markets by 2030,” he said. Pour added that Ora “forms a strong relationship with them from this early stage to earn their trust and stay relevant to address the health needs they will have as they age.”
Pour said Ora is different from other telemedicine providers like Doctor Anywhere, Speedoc and Alodocter because it focuses on specific health issues. Ora also combines prescription, over-the-counter, and high-performance consumer products to ensure follow-up service and clinical continuity.
Ora’s new funding will be used to expand into new markets, bringing its brands to more than 1,300 retail locations.
In a statement, Charles Wong, founding partner of TNB Aura said: “[Ora’s] The combined focus on specialized and often taboo healthcare industries and a direct approach to the patient has resulted in the team clearly distinguishing itself from the competition while delivering market-leading unit economics that meet the bespoke needs of patients across the entire value chain.”