Investment will be used to fuel Medihive’s international growth, drive R&D innovation and accelerate healthcare software developments.
Up to 42 new jobs will be created at online doctor service Medihive after the business raised €7m from investors.
The company, which operates Webdoctor.ie, came digital health innovator ResMed as well as exiting shareholders including VentureWave Capital.
“Over the last two and a half 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”
This latest investment sees Medihive reach a valuation of €62m.
Digital and clinical know-how
Medihive is a software company built to transform medical processes that don’t work so patients can benefit from healthcare that does work. The business provides sophisticated software and clinical solutions to the healthcare, pharmacy and insurance industries, as well as direct to consumers and corporates via Webdoctor.ie. The company combines digital and clinical know-how to bring clients and their end users high-quality virtual care on a global scale.
The €7m investment will be used to further increase the international growth of the business, drive investment and innovation in R&D and accelerate healthcare software developments.
Medihive currently employs 130 people and it is expected this number will now increase by a further 42 employees over the next two years.
ResMed, whose cloud-connected medical devices transform care for people with sleep apnea, COPD and other chronic diseases, enabling people to live healthier lives, has been working with Medihive since 2019 and now joins as an investor. ResMed Germany led deal negotiations on behalf of the organisation. As a result of their investment, ResMed will now take a seat on the board to work with the team to accelerate the growth of the business.
“Medihive builds solutions to deliver positive patient outcomes by removing friction from their care journeys,” said David Crimmins, CEO of Medihive.
“This investment now comes at a pivotal moment for Medihive. Over the last two and a half 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. 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. It’s an exciting time for Medihive and we’re really looking forward to working with ResMed and our current shareholders to continue to make advances and improvements in digital healthcare for patients and professionals in the industry alike.”Meanwhile existing shareholders in Medihive have invested additional capital into the business. This follows the €3 million investment in August 2021 by VentureWave Capital, the private equity firm that focuses on entrepreneurial companies that make a positive social impact, are in vital sectors and address UN Sustainable Development Goals. At the time of VentureWave Capital’s €3 million in August 2021, the business was valued at €48 million. Today’s investment now values the company at €62 million, a significant 29% increase.
“At ResMed our mission is to change 250m lives in 2025 in out-of-hospital care settings, and today’s announcement fits perfectly with that goal,” said Katrin Pucknat, president of ResMed Germany. “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 apnea outside of a hospital setting.
“ResMed places significant importance on innovation and this investment will enable both organisations to continue to be at the forefront of developments in healthcare technology. We look forward to supporting the team at Medihive as part of their board and believe this relationship will create new opportunities for us both while continuing to transform the healthcare industry.”
Main image at top: David Crimmins CEO of MediHive and Katrin Pucknat President of ResMed Germany