Doctor Care Anywhere raises £55.7m to continue expansion

Virtual GP provider Doctor Care Anywhere has raised £55.7m to fund its UK and international expansion following the completion of its oversubscribed IPO.

The majority of funds raised will be used to invest into new services, such as its mental health service due to be launched in the UK in 2021.

This will be delivered by GPs to treat complex mental and physical conditions both digitally and in-person. 

‘The capital we’ve raised with this IPO will allow us to better serve our current patients with a more extensive range of services, and accelerate our growth plans to make digital health another valuable UK export that patients around the world can benefit from,’ said Dr Bayju Thakar, founder and chief executive officer of Doctor Care Anywhere.

The digital health provider has been accelerating its efforts in international expansion over the past few months.

Last month, the company announced plans to raise A$102m (US$71.4m) listing on the  Australian Securities Exchange (ASX) to take advantage of the current investor interest in the sector during the Covid-19 pandemic.

After its completion, Doctor Care Anywhere will have a market capitalisation of A$254.8m following settlement. 

Over the last 12 months, the company has seen more than a 390% rise in monthly consultations (video or phone), and covers 2 million customers in the UK through its partnerships with AXA Health, HCA Healthcare and Nuffield. 

In October, Doctor Care Anywhere expanded its services into the Republic of Ireland after signing an agreement to provide digital health services to one of the UK’s big four retail banks.