Mediclick, a Philippine-based pharmatech startup, has announced raising $300,000 in its pre-Seed funding round anchored by functional medicine provider Romlas Health Group (RHG).
The fresh funding will be used to expand the startup’s tech platform, scale its upper funnel marketing, and for operational purposes, according to Mediclick.
Mediclick is an online pharmacy that provides ordering and door-to-door delivery of maintenance medications so that chronic patients don’t have to go to pharmacies themselves. It bundles monthly medication packages with free telemedicine, all of which can be bought on monthly credit.
“With the recent wave of digitization and online commerce in the Philippines, there is incredible potential for radically better patient experience. We hope to do our part in that and integrate with the rest of the ecosystem to improve patient outcomes together,” said Lion Grunenberg, co-founder and CEO of Mediclick.
The startup saw increased revenue of 4.5x from 2021 to 2022 to reach $400,000 yearly revenue and is looking to extend this growth trajectory through 2023. It also aims to provide a 24/7 service and delivery for Metro Manila to capture more patients.
Mediclick operates in the Philippine medication market, which has a current market size of $6 billion, according to the Philippine Statistics Authority. By 2025, the government data custodian said the medication market could grow as much as $8 billion.
The lead investor, Romlas Health Group, has been a major functional medicine provider in the Philippines. Its investment in Mediclick allows the company to expand further in providing tools for the patient in measuring their health, monitoring their services and orders, and eventually understanding the patient better.
“This partnership with Mediclick allows us to correct the notion that we do in Functional Medicine is not in line with the disease management afforded to patients by the conventional health system,” said Michael Genato, CEO of RHG.