Brisbane startup Midnight Health has taken on a $12 million Series A investment from health insurer, nib, which values the 18-month-old healthtech brand builder at $48 million.
The latest backing follows on from a $4 million initial investment from nib in November 2021.
The fresh capital is earmarked towards technology investment, more staff, new product launches and boosting customer growth.
Midnight Health has built a customer base of more than 30,000 people since its launch in early 2021.
The digital healthcare platform that offers them access to a range of services, including telehealth consultations, the home delivery of prescription medicines, skin care treatments, birth control, men’s health issues and precision supplements for the gut microbiome.
It launched with a women’s brand, Youly, offering women’s healthcare, including emergency contraception delivery service. That was followed by the men’s health platform, Stagger, and then hub.health, a platform that allows people to manage their everyday healthcare needs online.
Cofounders Nic Blair and Matt Anderson said the new funding sets them up for their next product launch.
“We are about to launch our next brand, Vidality, invest further into growth and continue the development of our technology platform to integrate new healthcare products and services,” Blair said.
“We want to improve access to healthcare nationally, understanding that access, particularly in Australia’s very remote and regional areas, can be poor.”
Midnight Health’s partners also include Honeysuckle Health and Microba and it also has a network of 46 Australian doctors, pharmacies and healthcare practitioners providing online patient access from telehealth consultations with GPs, through to home delivery of pharmaceuticals.
Blair said the business has already provided services to more than half of all Australian postcodes.
“We have been able to deliver health services to some really remote parts of Australia that were suffering from a dire lack of access to GPs,” he said.
“People living in regional areas may wait weeks for an appointment with a GP. Our telehealth services provide that access. We see our business growing strongly, offering an expanded range of products and services that includes referrals for pathology, radiology and specialists, allied health, over-the-counter pharmacy products and health management programs for chronic conditions.”
nib Chief Executive, Australian Health Insurance, Ed Close, said the two companies share a common purpose around healthcare access and outcomes
“nib is very much about supporting members in their quest for good health and wellbeing. Ease of access to diagnosis and treatment, particularly for those outside our major metropolitan areas, is a key part of that,” he said.
“We believe the use of data science and technology means better healthcare management for all Australians.”
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