Telemedico raises €5.5m for its multi-language white label telemedicine platform

Warsaw, 02 February 2021: Telemedico, the fast-growing Polish founded telemedicine company today announces their €5.5 million Series A led by Uniqa Ventures, PKO VC, Flashpoint Venture Capital, Black Pearls VC (current investor) and Adamed (through an investment fund).

Telemedico’s plug and play digital health platform for insurance companies offers telemedicine consultations with doctors in 10 languages (through chat, video, telephone), AI-triaging and coordination, and booking of in-person visits and blood testing.

Telemedico will use the infusion of new capital to strengthen the company’s offering for insurance companies in existing languages (English, Spanish, Polish, Czech, Russian, Ukrainian, Serbian, Portuguese, Turkish, Arabic). Telemedico also plans to add new language sets including Italian, French, Greek, German, and Romanian to fuel growth in more countries across Europe and LATAM, where Telemedico already operates. The platform is currently used by a number of health ministries around the world, as well as PZU, Allianz, AXA, Metrored, Compensa, TU Zdrowie and over 50 other insurance and medical assistance companies, mostly within the telemedicine space.

Deployment of the system takes approximately 48 hours to complete, with the resulting platform able to provide patients with access to web and mobile white-label patient portals, online consultations, medical documentation storage, in person visits, automated triaging and symptom checker. Additionally, insurance companies receive access to an ‘insurance product creator’ to manage variants of their current product suite for specific groups of users.

Michael Szalontay, General Partner at Flashpoint VC, said: "We are convinced that telemedicine will become a primary distribution channel for medical services in the next decade and Telemedico is poised to become a European leader in this domain. We are proud to become Pawel’s partner in Telemedico, he has amazing energy and conviction, and in our experience, such gumption is a prerequisite for success."

Dr. Andreas Nemeth, General Partner at UNIQA Ventures said, “This decade will be the Golden Twenties for telemedicine. The potential is enormous and telemedi.co is already setting standards here today. telemedi.co has the right product, the right team and the right culture to support insurers in providing seamless telemedicine services. We are therefore delighted and proud to be able to follow the path together in the future and pleased to be able to become a part of the company’s international growth story.”

Krzysztof Tokarski, Managing Director at PKO VC said, “We have been observing the tele-medicine sector for a long time. We have indicated it as the main beneficiary of the recent technological, demographic and legal changes. However, in spite of favourable factors, the potential of the sector remained largely untapped. It was only the Covid-19 pandemic that came to be the catalyst to increase awareness of the sector by physicians and patients. The young but very experienced team of Telemedico has proved that it is able to build an efficient operational model and become a leader in the Polish market of “pure-play tele-medicine” entities. I am convinced that the company - using the support of the current round’s investors - will be capable of efficiently adapting its solutions also abroad. I am also hoping that our engagement will contribute to the accelerated rate of Telemedico’s growth and will allow it to become a leader in the sector of tele-medicine in all of Europe.”

Pawel Roszczyk, Managing Director at Adamed said, “We are excited that we had an opportunity to become a part of Telemedico story. Under Pawel Sieczkiewicz leadership, Telemedico not only delivered cutting-edge e-health technology suiting very demanding customers’ needs but also managed to admirably succeed on a commercial front. Today, Telemedico is in an enviable position for further dynamic growth both in terms of geographical presence and top line. We intend to bring to the table our healthcare vertical expertise and international network to support Telemedico expansion.”

Telemedico provides a plug and play digital health platform for insurance companies across the world. The system ties together more than 600 doctors in 10 languages to provide modern healthcare to insurance players like AXA, Allianz, PZU and 50 others. Telemedico provides customizable digital health solutions containing stand-alone modules like: telemedicine platform, AI symptom checker, EHR (electronic health records), medical devices integrations and open API. Telemedico has organized more than 2,500,000 consultations since 2017. Find out more at https://telemedi.co/.

Black Pearls VC is a Polish based early stage venture capital firm focused on seed, post-seed and Series A investments in leading tech startups from Northern & Central Europe. Focusing on supporting ambitious entrepreneurs in building companies with a global reach, Black Pearls VC is usually one of the first investors in the company, helping founders scale and reach their goals. Black Pearls VC focuses on deep tech startups working across various sectors and believes in supporting entrepreneurs who develop novel and ambitious technologies. It invests usually at an early stage with initial investments ticket ranging between €100k - €1m and follow-on investments in later rounds. Black Pearls VC is a part of Kauffman Fellows network of over 400 venture firms and organizations.

Flashpoint is an international technology investment firm that manages venture capital and debt funds with US$350m AuM. Flashpoint invests in international software companies with proven business models, launched by founders originating from Central and Eastern Europe, Israel, Baltics, Finland and the CIS. It focuses on B2B/B2C SaaS solutions providing venture capital at Series A stage, venture debt at series B/C stage, and growth stage secondary capital. Flashpoint team includes ca.30 professionals working at local offices in Budapest, London, Riga, Tel Aviv and Warsaw.

Established in 2016 UNIQA Ventures is the Corporate Venture Capital arm of UNIQA Insurance Group AG. Located in the heart of Vienna, the EUR 75 million fund has built a startup portfolio of currently 26 investments throughout Europe and achieved successful exits. With a focus on early growth stage and Series A rounds, UNIQA Ventures invests in innovative startup founders with a clear vision to transform industries such as Financial Services, Insurance and Healthcare. By providing smart capital to outstanding founder teams the fund seeks to leverage industry knowledge, group assets and a profound network in Europe - especially in the CEE region - to provide the most possible value for the startups.

PKO VC, which was established in 2018, is one of the largest venture capital funds in Poland in terms of capital committed (PLN 200 million (ca. EUR 50 million), which was provided entirely by PKO BP - the largest Polish universal bank). The investment in Telemedico is another large consortium round in which PKO VC participates (last year, the Fund also participated in PLN 17 million round A in Autenti, which was recognized by the portal cashless.pl as Fintech of the Year 2019). Due to the size of the fund and the flexible investment policy provided by the FIZAN structure (PKO VC is one of the few funds on the Polish VC market which can offer an investment ticket up to PLN 40 million in one investment round and thus participate in international rounds), the goal of PKO VC for the coming years is to participate in subsequent large, syndicated investment rounds (series A, B or higher), both as a leading and supporting entity, in startups with outstanding revenue traction and the potential to become a regional or European leader in their respective segments. Due to the potential of the domestic venture capital market, the Fund does not intend to limit itself only to investments in the fintech and insurtech segments, but also plans to increase its exposure to other promising industries.

Adamed is a Polish pharmaceutical and biotechnology company manufacturing about 500 products offered to patients in 70 countries around the world. The company employs 2200 people. The company’s intellectual property is protected by almost 200 patents all over the world. Moreover, Adamed holds the controlling interest of one of the fastest-growing Vietnam’s pharmaceutical companies – Dat Vi Phu. It has been the biggest direct private Polish investment in Vietnam. In 2019, Adamed acquired a stake in the Italian company Ecupharma.