HotDoc, the Australian tech platform connecting patients to their preferred GP, has a new set of owners in private equity firm Potentia, which stands alongside health tech investor Acclivis Group and long-term backer Airtree.
CEO and cofounder Ben Hurst confirmed the long-expected news on Wednesday, saying Potentia led the bid for a majority stake in the 13-year-old business.
“Together, we will do our darndest to help GP practices and practitioners to deliver the best possible experience for everyone in Australia,” said Hurst, in a statement shared to LinkedIn.
A valuation was not disclosed, but media reports suggest it’s between $250 million and $300 million.
HotDoc allows patients to book appointments online, fill new patient registration forms, undertake telehealth check-ups, and receive SMS updates on important test results.
It says 13 million patients and 23,000 medical practitioners use the system, which now processes around 2.5 million appointments each month.
The enterprise grew out of Hurst’s frustrations with present medical administrative processes and the problem of constructing a follow from scratch.
A former healthcare skilled himself, Hurst constructed HotDoc with the assistance of two preliminary traders — his dad and mom, whose expertise as a GP and an ENT specialist additionally knowledgeable the startup.
Reward for Petre
HotDoc quickly gained the eye of Airtree, which in 2015 invested $2.2 million into HotDoc’s Series A capital raise.
On the time, Airtree founding associate Daniel Petre stated HotDoc had “achieved one of the best traction in market with the least assets” by prioritising doctor-patient relationships.
Hurst praised Petre on Wednesday, saying he was “blissful to spend money on a budding startup whose ambitions didn’t embody world domination. Constructing stuff to assist Australian GP medical centres run extra sustainably was formidable sufficient.”
HotDoc “by no means would have made it this far with out Airtree in our nook,” he added.
HotDoc raised $5 million in its 2018 Collection B spherical, led by Proper Click on Capital, with additional participation from Airtree Ventures.
The enterprise solely grew via COVID-19, when Australians flocked to telehealth appointments and adopted digital instruments to e book their vaccinations.
The startup sought additional capital in 2021, because it constructed its platform to accommodate extra specialists, dentists, and allied well being professionals.
Potentia and Hurst had been contacted for remark.
This story first appeared on SmartCompany. You may read the original here.
