RUSSIA: Russian online medical insurance platform receives new investment of USD 4.5 million

23 July 2020 — Marina MAGNAVAL
Lead investors, Moscow based AddVenture and Berlin based Target Global, of the Russian insurtech startup BestDoctor, were joined by the London-based LVL1 fund, making third round of financing for USD 4.5 million, as informed.

Voluntary medical insurance on the Russian market is one of the leading segments, and digitalization is the key factor that contributes to this growth. BestDoctor is an online medical insurance platform offering private medical insurance for companies and their employees, allowing users to save up to 23% on their annual medical expenses. Its clients include Russian corporates, up to over 30,000 people and the platform collaborates with 11,000 clinics across Russia.

As the BestDoctor's CEO Mark SANEVICH noted, the need for online medical services intensified due to the pandemic. "Our business received a strong boost. Now we are going to focus on establishing a comprehensive platform on the basis of medical insurance", he said.

BestDoctor's investors note that the "company combines medicine and high-tech, while directly connecting employers with medical clinics. High-tech private medical insurance, with an ability to consult a doctor 24/7 ensures transparency of all expenses". The company had a good start a year ago, quickly figured out the market's main problems and needs, and now plans to further develop its software, expand sales, and focus on new insurance products.

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