Ordinary Folk Raises $5 Million In Pre-Series A Funding Round Funds will be utilized to accelerate hiring talent to build a differentiated CX in healthcare using tech, expand in new markets (Hong Kong and other Asian cities) while continuing to scale in Singapore
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Ordinary Folk, a digital health technology startup, on Thursday announced to have raised a pre-Series A funding of $5 million. Funds will be utilized to accelerate hiring talent to build a differentiated CX in healthcare using tech, expand in new markets (Hong Kong and other Asian cities) while continuing to scale in Singapore.
"Our mission is to use technology to simplify the patient experience. 60 per cent of total health expenditure in southeast Asia is out-of-pocket making treatments for many prevalent health conditions very expensive. We realized the need for a frictionless experience from discovery to delivery which is why it was essential for our digital health platforms to create access to doctors and medical solutions for sexual health, hair care, fertility, mental health and overall wellbeing together," said Sean Low, founder, Ordinary Folk.
The COVID-19 pandemic has led to the rise of healthtech startups in the entire southeast Asia. According to a report by McKinsey, the consumer-centric digital health market could grow from $37.4 billion in 2020 to over $100 billion in 2025- a compound annual growth rate of 21 per cent.
"Millions of people across Asia find it difficult to access proper treatment and care for health conditions that have tremendous taboo attached. Through Noah and Zoey, Ordinary Folk is uniquely positioned to bring in value through the consumer journey of healthcare services, creating an ecosystem where patients have access to medical experts and products, and a wide range of treatment options," said Peng T. Ong, co-founder and managing partner, Monk's Hill Ventures.
Since its launch in 2020, Ordinary Folk has seen revenue growth up by over 130 per cent and attracted over a million unique visitors. Its platforms, Noah (men's telehealth platform that integrates different areas of care including sexual health, mental wellness, hair care) and Zoey (a telehealth platform where women can access sexual wellness, fertlility, mental health and wellbeing medical solutions in a judgement-free space) help users with cutting down on scheduling appointments, long waits at clinics, encountering tough questions in-person, and instead create a patient-doctor-treatment process that can be accessed from the privacy and comfort of one's home healthcare. Ordinary Folk is also committed to expanding their growth, design and marketing teams. Its team currently comes from some of the most creative names in the region – Grab, Ogilvy, DDB, BBH, TBWA. The company plans to grow its team and hire top engineering talents in Vietnam, product, growth and design across the Singapore and Hong Kong markets. Ordinary Folk also plan to continue to expand its B2B partnerships with companies to provide Noah and Zoey services to its employees.