Singaporean telehealth platform ORA has raised $10m in Series A funding. The round, co-led by TNB Aura and Antler, and with participation from Gobi Partners, Kairous Capital, and GMA Ventures, brings the company’s total funding to $17m. The new funds will be used to expand into new territories and ORCA says its brands will arrive in 1300 stores later in 2023.
ORA, founded in 2020, uses a vertically integrated telehealth platform to provide healthcare brands and the company operates in Singapore, Malaysia, and the Philippines. ORA’s portfolio includes Modules (prescription skincare), OVA (women’s health) and Sons (men’s health).
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The telehealth provider says it focuses on targeting a younger demographic that relies on flexibility and speed. ORA links consultation, education, pharmacy, delivery, and post-purchase care into a streamlined process.
Telehealth is growing at a rapid pace and its implementation becoming more widespread on a global scale. In a market report by GlobalData, telehealth is predicted to be worth $3.8bn by 2030.
Elias Pour, ORA’s founder and CEO, said that subscriptions count for more than 70% of the company’s revenue and the company possesses high retention figures.
“We have the high growth potential of direct-to-consumer, with a very high percentage of healthcare expenditure in our region being out of pocket. We achieved post-marketing breakeven at the end of last year on a group level after just 20 months of going live and have a very clear and believable path to profitability that is imminently ahead of us,” Pour said.
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By GlobalData
