Asia-Pacific property and retail group Metro Holdings, through its subsidiary Metro ARC Investments, is buying SG $ 6 million ($ 4.3 million) at 10% interest in DocMed, the digital health arm of Singapore-based consumer healthcare group Hyphens Pharma.
The investment will represent a Series A fund for DocMed, which will then raise its valuation to SG $ 60 million ($ 43.5 million) based on subscription value.
In addition, as part of the agreement, Hyphens Pharma is transferring shares of its provider Pan-Malayan Pharmaceuticals to DockMed, becoming a wholly-owned subsidiary of the latter.
Why it matters
According to a press release, DocMed plans to use Metro’s investment to plan its growth, including the development of an integrated health technology platform. Upcoming funding will support the company’s expansion across APAC while gaining Metro’s regional presence.
Ip Hung Moon, executive director and CEO of Metro Holdings Group, claims, “There is coordination between the two sides to capture opportunities in Singapore and the region.”
“DocMed is focusing on capturing opportunities for healthcare digitalisation and developing new digital assets,” said Lim C. Wah, executive chairman and CEO of Hyphens Pharma. “We look forward to a bright future for this business,” he added.
The investment deal comes with the launch of DocMed earlier this year WellAway, the first digital pharmacy approved by the Health Sciences Authority of Singapore. E-Pharmacy has signed over 100 clinics across the country since last year. It aims to open 1,000 more clinics by the end of the year.
Hyphens Pharma sees Metro’s investment value in its medical hypermarket and digital business segment, which includes WellAway, as well as its wholesale pharma and medical supplies business and e-commerce platform POM.