With $30 Million Funding, GOQii Plans to Aid Japan's Healthcare Market
Given its ageing population and focus on preventive healthcare, the country is ripe for the entry of players like GOQii
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The healthcare industry is growing thanks to the ever-increasing spending. These days' consumers are investing more in wearables and wellness programs and that's giving rise to a steady number of companies bringing health services to one's fingertips. California-based GOQii takes the lead when it comes to startups making a difference beyond borders. The healthcare startup recently raised $30 million in a Series B round of funding led by Mitsui & Co, one of Japan's largest conglomerates and most active healthcare investors globally.
Given its ageing population and focus on preventive healthcare, Japan is ripe for the entry of players like GOQii. The recent funding will enable the startup to penetrate further across India to mark its entry into Japan. Along with the investment, the two parties have also agreed for joint collaboration. The round also saw the addition of several new investors including Galaxy Digital, a leading blockchain merchant bank and Denlow Investment Trust, a leading limited partner (LP) in several consumer and tech-focused funds globally. Existing investors like NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata also participated in this round of funding.
Founded in February 2014 by Vishal Gondal, GOQii is dedicated to enabling a permanent shift to a healthier lifestyle with the combination of advanced wearable technology, and the world's leading experts, coaches, doctors and karma. The startup's smart tech-enabled healthcare platform brings together the entire preventive healthcare ecosystem :
Tools for real-time personalized coaching,
eCommerce store for scheduling health check-ups
Health locker and a unique program where healthy behaviour is also rewarded with cash discounts
"We have spent the last few years invalidating our platform and forging partnerships with global insurance and healthcare providers. We are very excited to partner with Mitsui to drive the next phase of our growth. There are several areas of potential collaboration and our respective teams will drive an aggressive roadmap to deliver our goal of Reimagining Healthcare Globally! Along with the power of Mitsui, our goal is to be the dominant healthcare platform for millions of users globally and empower them with a better lifestyle and healthcare solutions and be the force of good," Vishal Gondal, chief executive officer, GOQii.
Aiding Japanese Healthcare Industry
Mitsui has one of the largest healthcare-related portfolios globally including investments spanning hospitals, pharmaceuticals, medical devices and dialysis clinics. The firm's goal is to provide safe, secure and convenient services and enable the healthy lifestyles people deserve.
Koji Nagatomi, chief operating officer of the Healthcare & Service Business Unit of Mitsui, believes this investment is an important step in achieving company's vision of being "Asia's #1 Healthcare Ecosystem'.
"GOQii's product offering is highly complementary to our portfolio of healthcare investments in India and globally and we see several areas of immediate collaboration between us and GOQii. As healthcare systems evolve across the globe, the addition of an online preventive healthcare platform ensures that Mitsui is present across the healthcare value chain. We also see a strong potential for GOQii to enter the Japanese market and are ready to help them achieve its vision and ambitions," he said.
Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today's Japanese society.
"Upon GOQii's entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realize our ambitions," Nagatomi emphasized adding that the funds will also be utilized for talent and headcount addition, marketing and geographical expansion. The company will further strengthen its big data analytics & artificial intelligence platform to drive actionable insights and to provide a holistic view of a user's health.