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Medical technology and health companies · Singapore

Doctor Anywhere

doctoranywhere.com ↗

Singapore telehealth platform with doctors, clinics, insurer ties, and a TPA network across SE Asia.

Losing its protection
Assessed 30 July 2026 · Evidence as of 30 July 2026
The structural protection is eroding.
On the recordSince 30 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: Next funding round or public EBITDA breakeven disclosure
The call

A regulated telehealth operator with real clinical assets that still hasn't found a path to profit after nine years and two and a half years without new capital.

Doctor Anywhere lets people see doctors online and visit 12 physical clinics, plus it manages health insurance claims for over 1,300 clinics across Southeast Asia. It is hard to copy because the government only lets licensed, registered doctors provide prescriptions and medical certificates, which AI chatbots cannot do legally. However, the company has never made money despite 9 years and $82 million in yearly sales, it lost tens of millions of dollars last year, and it has not received new investment in two and a half years, so it may be running low on cash. The one thing that could save the company is either getting fresh funding from investors or reaching the point where it stops losing money, which should happen in the next 6 to 12 months.

Why
01
AI pressure: AI symptom checkers and general chatbots like ChatGPT. Free AI chat tools already handle first-pass symptom queries, but can't issue SMC-backed prescriptions or medical certificates. Could AI do the core job? Only partly.
02
Bigger players: IHH Healthcare, Parkway Pantai, and insurers (Prudential, Cigna, Great Eastern) building in-house digital health. Hospital groups and insurers that partly fund Doctor Anywhere are also building their own digital health arms. Could a giant copy it? Probably.
03
What protects it. SMC-registered doctors, regulated prescriptions and MOH-recognised medical certificates that generic AI chat can't legally issue.
What would change this call
Whether Doctor Anywhere announces a new funding round by end of 2026. Shows if investors still back the model after 2.5+ years without capital.
Whether another staff layoff or restructuring follows the Dec 2024 cut. Would indicate continued runway pressure despite cost cuts.
Whether FY2024 or FY2025 financials are disclosed showing narrower EBITDA loss. Would show if the company is moving toward breakeven or still burning cash.
Key numbers
  • FY2022 revenue S$51.6M, up 61.8% year over year (2022)
  • No new funding round since Dec 2023 (US$40.8M raise) (2023-12)
  • Cut 8% of staff in Dec 2024, cited long-term sustainability (2024-12)
Named risks
  • No new funding since Dec 2023 Series C1 extension, a 2.5-year capital gap as of mid-2026. Severity: high
  • Persistent double-digit-million EBITDA losses, -US$22.8M in FY2023, despite nine years of operation. Severity: high
  • Dec 2024 layoff of 8.1% of headcount signals runway pressure and cost-cutting. Severity: medium
  • Top-of-funnel symptom triage exposed to free consumer AI chatbots eroding low-acuity demand. Severity: medium
  • Dependence on Singapore MOH telemedicine sandbox rules that could tighten or change. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
SpeedoccontestingRaised US$28M pre-Series B Nov 2022 while DA has had no new round since Dec 2023
IHH HealthcarecontestingDual role as DA investor and licensed hospital-group rival with same regulatory standing, 2021 onward
HaloDoccontestingLarge regional telehealth peer competing for SE Asia market share
Insurers (Prudential, Cigna, Great Eastern)gaining onNamed DA partners also expanding their own digital health capabilities, per DA's 2026 site listing
Questions people ask
Is Doctor Anywhere profitable?
No. Doctor Anywhere's FY2023 revenue was about US$81.7M with EBITDA around negative US$22.8M, per Preqin data for 2023. The company has not disclosed profitability in its nine years of operation and its FY2022 net loss widened to S$44.6M.
Did Doctor Anywhere have layoffs?
Yes. In December 2024 Doctor Anywhere cut about 45 employees, or 8.1% of its headcount across Southeast Asia, framing it as restructuring for long-term sustainability, per Channel News Asia's December 13, 2024 report. No clinicians were affected.
Who is Doctor Anywhere's biggest competitor?
Speedoc, a Singapore-based home and virtual hospital telehealth rival that raised US$28M in a pre-Series B round in November 2022, is a close competitor, alongside HaloDoc in Indonesia and WhiteCoat in Singapore's crowded SEA telehealth market.
Could AI replace Doctor Anywhere's doctors?
Not for diagnosis. In June 2026 Doctor Anywhere's CFO and Medical Director stated AI is used only for administrative tasks like notes, scheduling and claims, while diagnosis and e-prescriptions remain with SMC-registered doctors under Singapore's regulatory framework.
Who owns Doctor Anywhere?
Doctor Anywhere is privately held and VC-backed, with investors including Novo Holdings, Square Peg Capital, Asia Partners, and IHH Healthcare. It was founded in 2017 by Lim Wai Mun, a former Temasek employee, per Square Peg's April 2022 investment notes.
How much funding has Doctor Anywhere raised?
Disclosed rounds include a July 2018 Series A of about US$4.1M led by Kamet Capital, an August 2021 Series C of US$65.7M led by Asia Partners, and a December 2023 Series C1 extension of US$40.8M from Novo Holdings and Square Peg.
Timeline
  • 2026-06CFO and Medical Director state AI used only for admin tasks, not diagnosis, at ATxSG 2026
  • 2026-01Signed MoU with Lumens Group's Lylo for house call vehicle logistics
  • 2024-12Laid off about 45 employees, 8.1% of headcount, citing long-term sustainability
  • 2023-12Closed Series C1 extension of US$40.8M (S$54.7M) from Novo Holdings and Square Peg
  • 2022-12Took Catalist-listed Asian Healthcare Specialists private after 97.5% shareholder acceptance
  • 2022-12Received ~US$38.8M injection led by Novo Holdings
  • 2021-08Closed Series C of US$65.7M (S$88M) led by Asia Partners with IHH Healthcare and others
  • 2018-07Closed Series A of ~US$4.1M led by Kamet Capital Partners
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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