Russian insurtech and telemedicine startup BestDoctor raises $26M B from Winter Capital Partners

Last year we covered BestDoctor’s series A round when the Russian insurtech startup raised $4.5 million for its online medical insurance platform for corporates, which also offers telemedicine services to employees.

It’s now closed a $26 million Series B round from Winter Capital Partners, alongside Swedish investor VNV Global and UNIQA Ventures, the corporate VC backed by UNIQA Insurance group. The company claims this round gives it a $90 million valuation.

BestDoctor’s Virtual Clinic platform offers round-the-clock telemedicine services as well as preventive medicine, and other services. While the product is currently offered as an enterprise platform for private companies, it now plans to enter the consumer market in 2021.

Mark Sanevich, BestDoctor’s co-founder and CEO said:

We are pursuing a new goal and building a platform with the best medical services that can be entrusted with any health-related issues. The platform will consolidate all of BestDoctor’s products to become an example of a client and product-oriented approach to medicine. A new type of healthcare service focused on the patient and their needs, is urgently needed – not just in Russia, but globally.

In 2020 BestDoctor secured Russian tech and telecoms giants Group, Megafon and RBC media, putting 100,000 patients on its platform.

Sanevich said the startup plans to enter the European digital-health market, which is currently growing by 28% year on year.

Anton Farlenkov, managing director at Winter Capital Advisors said: “The medical insurance industry is undergoing a digital transformation, as many services move online, creating greater accessibility and improving usability for consumers. BestDoctor is at the forefront of this revolution, accelerating the medical insurance field’s transition to a qualitatively new level.”

Björn von Sivers, investment manager at VNV Global said: “The company has built a great product and onboarded an impressive set of corporate clients in a short time. We believe BestDoctor is in a great position to continue to lead the Russian market with its innovative offering and also see strong potential for future geographical expansion.”

Previous investors AddVenture, Target Global and the LVL1 fund.