The company behind online GP service Webdoctor.ie has announced a €7 million investment expected to deliver 25 new jobs.
Medihive said it had secured the investment from US-listed group ResMed, an international leader in digital health, as well from as existing shareholders including VentureWave Capital.
The investment now values the business at €62 million, it said on Friday.
Chief executive David Crimmins said the development was coming at a pivotal moment for Medihive, which already employs 130 people.
“Over the last 2½ years demand for our services has surged as organisations realised they can achieve better patient outcomes by blending smart health technology with their traditional health infrastructures,” he said. “This investment will enable us to continue meeting this demand while also allowing us to scale and expand our services in the continually evolving telehealth market both in Ireland and internationally.”
Medihive is a software company supplying the healthcare, pharmacy and insurance industries, as well offering products directly to consumers and corporates via Webdoctor.ie.
It intends to use the €7 million investment to aid international growth and drive investment and innovation in R&D and software.
ResMed has been working with Medihive since 2019. Its cloud-connected medical devices offer care to people with sleep apnoea and chronic diseases.
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ResMed Germany led negotiations on behalf of the organisation, and the company will take a seat on the board following the deal.
Existing shareholders have also invested additional capital in the business, following a €3 million investment in 2021 by VentureWave Capital, the Irish private equity firm focusing on entrepreneurial companies aspiring to make a positive social impact. VentureWave is backed by investors including actor Liam Neeson and members of U2.
According to the statement outlining the investment on Friday, Medihive was valued at €48 million in 2021, but this has now increased to €62 million, a rise of 29 per cent.
Katrin Pucknat, president of ResMed Germany, said its mission was to assist 250 million people in 2025 in out-of-hospital care settings.
“Today’s announcement fits perfectly with that goal,” she said. “Our work to date with Medihive has transformed the lives of our patients by making their care pathway less disjointed and allowing them to get diagnosed for sleep apnoea outside of a hospital setting.”
Webdoctor.ie was established in 2013 by co-founders Oisín and Howard Kim and Martin Commins. It enables doctors to conduct day-to-day operations virtually, automate their booking and payment processes, and hold virtual consultations with patients.