M8 Ventures returns to lead $4.5m pre-Series A for medtech startup Hola Health

- March 19, 2024 2 MIN READ
Hola Health cofounders Lenin and Thiru Rajendran, and Dr Vishnu Gopalan
Hola Health cofounders Lenin and Thiru Rajendran, and Dr Vishnu Gopalan
Perth telehealth and medicine delivery startup Hola Health has raised $4.5 million in a pre-Series A.

The round was led by M8 Ventures, marking a return to investing for partners Alan Jones and Emily Rich, four years after they put the fund on ice as Covid hit. The raise also included follow-on capital from FundWA and angel investors.

The funding will be used to scale operations and reach to more consumers and corporate customers. The healthtech startup already has partnerships with HealthEngine, MedAdvisor, Terry White Chemmart, and features in the Uber Eats and DoorDash pharmacy online marketplaces.

Hola Health cofounder and CEO Lenin Rajendran said the raise marks a pivotal moment for his startup’s plan to revolutionise ‘on-demand’ Australian healthcare by offering fast, value-for-money care within 15 minutes, at any time of the day in the week.

“This investment is not just a financial boost but a strong vote of confidence in our vision to make primary healthcare accessible and immediate for all Australians,” he said.

“We’re now set to fast-track our growth, bringing our services to even more people across the country, and preparing for our first international markets.”

Rajendran cofounded Hola Health in 2020 with his brother Thiru, the startup’s CTO, and their family GP, Dr Vishnu Gopalan, who’s chief medical officer.

The platform offers a range of services, including fully bulk-billed mental health treatment plan appointments; telehealth (video) doctor consultations, online medical certificate requests; online script requests; and same day pharmacy delivery, generally within two hours.

The company’s holy trinity is convenience, accessibility and affordability, to ensure no one misses out on medical treatment, no matter where they’re based or financial circumstances.

Covid brought telehealth to the fore as a viable alternative to heading into a medical practice and recent analysis confirms it’s been a hit with 85% of people who’ve tried it saying they’d have a telehealth consultation again.

Lenin Rajendran said nearly half of all Australian wanting to urgently see a GP are forced to wait 24 hours or more for treatment, with a quarter of all patients waiting longer for appointments than they feel is acceptable.

“The issue is more pronounced in regional areas, compounding existing inequities between urban and rural populations,” he said.

Emily Rich will join the board following the M8 Ventures investment.

“We are excited to lead this round of investment for Hola Health. Their innovative approach to on-demand healthcare, combined with their impressive growth and commitment to excellence, aligns perfectly with our investment philosophy,” she said.

“We look forward to supporting Hola Health as they continue to expand and redefine healthcare accessibility in Australia.”