Docquity, a Singapore-based social media network for doctors and other healthcare professionals, is looking at expanding in the Philippines and new markets in Asia after raising $44 million in its Series C funding round.
The planned expansion in the Philippines is a timely move for the platform as the country ranked second on the list of countries whose citizens spend the most time on the internet and social media, according to the latest Digital 2022 report by Hootsuite and We Are Social.
In addition to its 84.07 million social media users, the Philippines is also home to over 188,000 thousand healthcare professionals, including 28,800 physicians.
In a statement, Docquity, which has more than 300,000 doctors learning, connecting, and collaborating through knowledge exchanges and verified content across multiple medical specialties, the Series C financing round was led by existing investor Japan’s Itochu Corporation.
Itochu Corporation led Docquity’s $11-million Series B funding round in 2019.
iGlobe Partners, Alkemi, Global Brain, KDV, and Infocom also participated in the funding round that brings Docquity’s total funds raised to date to $57.5 million.
In addition to expanding into the Philippines, Docquity also seeks to strengthen its presence in Indonesia, Japan, and Taiwan. Outside Asia, the company aims to expand into the Middle East, starting with the United Arab Emirates, Saudi Arabia, and Egypt.
The startup said doctors will continue to be its focus, with the goal of helping them be more informed and make better diagnosis decisions. It also partners with more than 250 medical associations in Southeast Asia to develop learning modules for its users.
To date, Docquity said it has delivered more than 4.2 million continuing medical education (CME) credits via the platform, helping doctors meet their compulsory CME requirements.
“Investors are seeing that we are able to achieve what we set out to do. We are now reaping from the foundations that we have built over the years; enabling Southeast Asia’s largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors,” said Docquity CEO and Co-Founder, Indranil Roychowdhury.