Perth-based tech company HealthEngine has secured up to $30 million in private capital from profit for purpose organisation Inspire Impact.
The consumer healthcare platform, which currently hosts more than 3.9 million users, connects consumers to Australian healthcare providers via an online appointment booking system.
The company was co-founded in 2006 by former GP turned CEO Dr Marcus Tan and Adam Yap, now Head of Strategic Growth at HealthEngine.
Funding to support social impact targets
The $30 million deal facilitated with Inspire Impact, in a bid to drive the platform’s future growth, signals the completion of HealthEngine’s latest series E funding round.
The funding also represents Inspire Impact’s latest investment in their recently launched $350 million Impact multi-strategy fund.
The fund targets investment opportunities that support the achievement of the United Nation’s Sustainable Development Goals, with an objective to deliver measurable social and environmental impacts.
“Being connected with Inspire Impact’s social impact fund for our next phase of growth is very exciting and aligned with the values of Healthengine as we continue to succeed and improve healthcare outcomes and experiences for Australians,” said Dr Tan.
With the impact investment from Inspire Impact, we can do even more and continue this work to help people navigate the complex world of healthcare by making it more affordable, convenient and certain.
As part of their funding collaboration, Inspire Impact worked alongside HealthEngine to develop key impact targets, designed to benefit both the company and society more broadly.
The impact targets address the UN Sustainable Development Goal of Good Health and Wellbeing, reflecting Healthengine’s intent to improve healthcare quality and accessibility for Australian consumers.
“Our team is focused on the social and community footprint of each investment we make and we see that as consistent with delivering strong financial returns for our investors,” said Inspire Impact’s Brad Lancken.
We are excited to partner with Healthengine and its mission to improve inclusivity of health and wellbeing for people in Australia.
Mr Lancken will receive a seat on the Healthengine Board as a condition of the investment, alongside representatives of other shareholders including Telstra Ventures, Seven West Media and Sequoia Capital.
The landmark deal was assisted by Ad Astra, acting as an independent financial advisor for HealthEngine.
