Brisbane startup Midnight Health has secured a $12 million Series A investment from health insurer Nib, valuing the 18-month-old health technology brand developer at $48 million.
Final funding will follow an initial investment of $4 million from NIB in November 2021.
Fresh capital is available for technology investment, additional employees, new product launches and customer growth.
Midnight Health Since launching in early 2021, it has built a customer base of over 30,000 people.
A digital healthcare platform that provides access to a variety of services including telehealth consultations, home delivery of prescription medications, skin care, birth control, men’s health issues and the right supplements for the gut microbiome.
It started with a women’s brand called Yuli, providing women’s health care including emergency contraception. That was followed by a men’s health platform, Stager, and then hub.health, a platform that allows people to manage their daily health needs online.
Founders Nick Blair and Matt Anderson say the new funding will prepare them for their next product launch.
“We are about to launch our next brand, Vidality, to further invest in growth and enhance our technology platform to integrate new healthcare products and services,” Blair said.
We want to improve access to health services nationally, recognizing that access can be particularly poor in Australia’s most remote and regional areas.
Midnight Health’s partners also include Honeysuckle Health and Microba, and it also has a network of 46 Australian doctors, pharmacies and healthcare professionals that can deliver telehealth consultations online with GPS to the home.
Blair said the business served more than half of Australia’s postcodes.
“We have been able to bring healthcare to some of the most remote areas of Australia where there is a lack of access to GPs,” he said.
“People living in regional areas can wait weeks for an appointment with a general practitioner. Our telehealth service provides this service. Our business is growing strongly by offering a wide range of products and services for pathology, radiology and specialists, allied health, over-the-counter pharmacy products and chronic disease health management programs.” we will see.
NIB CEO, Health Insurance Australia, Ed Close said the two companies share a common goal around healthcare access and outcomes.
“NIB is about supporting members in their efforts to achieve good health and well-being. It is an essential part of easy access to diagnosis and treatment, especially for people outside our capital city.
“We believe the use of data science and technology will mean better healthcare management for all Australians.”