A German health tech startup that has developed an operating system for medical practices has raised $10 million in fresh funds.
Berlin-based Doctorly, which was founded in 2018, offers practice management software to primary healthcare providers like GPs. The startup wants to "re-digitize" practices and make it easier for them to adapt to external innovations in health tech.
Doctorly is one of the very few regulated health tech startups in Germany and it believes its technology can help cut the time spent by practitioners on administration in half.
Cofounder Samir El-Alami said that healthcare providers often rely on outdated administration tools from the late 1980s.
"When we ask doctors what takes up the bulk of their time they said: admin and part of that are due to using landline phones, fax machines, and paper documentation," El-Alami told Insider. "We went live with the product at the beginning of last year and have seen good conversion rates with practices."
Unsurprisingly, the COVID-19 pandemic has prompted a reassessment of the legacy systems used by Germany's healthcare market, but efforts have been underway since 2019 in a bid to digitize the country's medical operations.
Doctorly's $10 million Series A funding was led by Canadian publicly listed health firm Well Health technologies and N26 backers Horizons Ventures, a fund founded by Hong Kong billionaire Li Ka Shing. In recent years the company has relied on bridge funding from existing investors like Speedinvest and Seedcamp, who El-Alami said had been a great support to the business.
The fresh funding will go towards expanding the company's sales and marketing function as it looks to sell its software into more practices in Germany. Doctorly will also grow its team from around 55 staff currently to around 100, El-Alami added.
Check out Doctorly's 13-slide pitch deck below: