French appointment booking and telemedicine service Doctolib has raised another €150 million ($170.3 million), bringing its total funding to around €235 million ($271 million) and its valuation to more than €1 billion.
General Atlantic, a global growth equity fund, led the round. Existing investors Eurazeo, Bpifrance, Kernel and Accel also contributed, along with unnamed German healthcare entrepreneurs.
Doctolib offers its subscription-based SaaS platform to medical practices, allowing doctors to manage their appointment bookings and communicate with patients. The patients can use the website to locate doctors or services while tracking their appointments.
The company acquired last year MonDocteur, the main competitor in France. DoctoLib claims to have over 75,000 professionals and 1,400 healthcare facilities as customers and to conduct 30 million online visits per month. The company has 750 employees and offices in 40 cities in France and Germany.
DoctoLib offers its services through the payment of a monthly fee that, for a doctor, varies from 109 up to 179 euros per month, depending on the specialty and any integration with your information system. To date, their SaaS platform has been integrated with different medical software.
DoctorLib plans to use the funds to accelerate growth in France and Germany (it plans to double the size of its team over the next three years) as well as push into other international markets. Additionally, it will use funds for product development and to promote its telehealth offering, which just launched last month.
DoctoLib’s record listing demonstrates the great interest of investors in the European market for online medical services, which is particularly vibrant and rich in competitors. DoctoLib, which is now one of the major players, is facing a strong internal and external competition.
In Germany, Munich-based TeleClinic raised just under $8 million last fall. Kry, a Swedish company that operates in this field, has also expressed its intention to expand in France. The US telemedicine giant Teladoc Health has acquired the French company MédicinDirect, thus achieving a strong presence in the region.
In other countries too, competition in this market is very fierce. In Italy other companies are operating: Dottori.it, which has promoted its services also on TV, iDoctors.it and Miodottore.it, as well as private centres and clinics sites.
Who will be able to become “Booking” for health care? Probably the competition will be burning, and we will assist to other acquisitions or mergers in the sector.