Brisbane startup Midnight Health has acquired a $12 million Series A investment from health insurer, nib, which values the 18-month-old healthtech brand builder at $48 million.
The latest support follows a $4 million initial investment from nib in November 2021.
The new capital will be used to invest in technology, increase staff, launch new products and drive 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 gives them access to a range of services, including telehealth consultations, home delivery of prescription medicines, skin care treatments, birth control, men’s health issues and precision supplements for the gut microbiome.
It was launched with a women’s brand, Youly, which offers women’s health care, including an emergency contraception delivery service. Then came the men’s health platform, Stagger, and then hub.health, a platform that allows people to manage their daily health care needs online.
Co-founders Nic Blair and Matt Anderson said the new funding set them up for their next product launch.
“We are about to launch our next brand, Vidality, continue to invest in growth and continue to develop our technology platform to integrate new healthcare products and services,” said Blair.
“We want to improve access to health care at a national level, recognizing 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 who provide online patient access, from telehealth consultations with GPs to home drug deliveries.
Blair said the company 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 have suffered from a dire lack of access to GPs,” he said.
“People who live in the region can wait weeks for an appointment with a doctor. Our telehealth services provide that access. We see strong growth in our business, offering a comprehensive range of products and services, including pathology, radiology and specialist referrals, allied health care, over-the-counter pharmacy products and health management programs for chronic conditions.”
nib Chief Executive, Australian Health Insurance, Ed Close, said the two companies have a common goal around healthcare access and outcomes
“nib is very much about supporting members in their quest for good health and wellness. Easy access to diagnosis and treatment, especially for those outside our major metropolitan areas, is an important part of that,” he said.
“We believe that using data science and technology means better healthcare management for all Australians.”