Doctorly, a healthtech firm based in Germany, has raised €6.7 million in its Series A round of funding, increasing the total amount to $17.2 million (almost €16 million), including the $10 million (almost €9.39 million) that was disclosed in February 2023.
Simon Capital, a venture capital fund based in Dusseldorf and supported, among others, by the Bitburger Group’s entrepreneurial family, led the round.
Geschwister Oetker Beteiligungen KG, UNIQA Ventures, and other family offices that focus on healthcare innovation in Germany and Asia make up the other investors in this round.
Jan Leicht, partner at Simon Capital says, “It remains striking to see how strong the dislike for existing solutions is across doctors and healthcare operators. Ironically, everyone agrees that digitisation in German healthcare is desperately needed, yet the core software piece used in practices today runs local and on-prem with a myriad of structural issues.”
Leicht adds, “We see great potential that doctorly is building the next generation of healthcare infrastructure software improving the lives of millions and becoming the platform needed to drive the inevitable digital change. The team, the product and feedback from doctors have truly impressed us,”.
The business aims to use the money to grow into Germany, add new features to its platform, and lower the time-consuming administrative costs for medical professionals.
Co-founder Samir El-Alami says, “While overhauling the highly regulated and entrenched practice management industry is not an easy task, we consider this software to be the single biggest blocker for digitisation within German healthcare.”
Doctorly also got support from HealWELL, a data science and AI startup that specialises in preventative medicine and is a member of the WELL health technology group. HealWELL and doctorly aim to work together on AI-powered health data projects in Germany.
El-Alami adds, “Over the past years, we have spoken with hundreds of Healthcare Professionals and it’s clear to see that they are very open to digitisation. However, practice management software is central to how they do all of their work, from creating and storing health records to billing, insurance management, calendar & waiting room management, prescription of medications, and multitudes of highly specific forms.”
Samir El-Alami, Nicklas Teicke, Anna Von Stackelberg, Sebastian Lau, Alexandru Boghean, and Julian Teicke founded doctorly, which launched in 2022. Julian Teicke was the company’s first investor.
The firm wants to change the software market for regulated medical practises. The business, which initially concentrated on the antiquated German market, has created a new regulated operating system that can cut down on administrative time in practises by as much as 50%.