HotDoc, the Australian tech platform connecting patients to their preferred GP, has a new set of owners in private equity firm Potentia, which stands alongside health tech investor Acclivis Group and long-term backer Airtree.
CEO and cofounder Ben Hurst confirmed the long-expected news on Wednesday, saying Potentia led the bid for a majority stake in the 13-year-old business.
“Together, we will do our darndest to help GP practices and practitioners to deliver the best possible experience for everyone in Australia,” said Hurst, in a statement shared to LinkedIn.
A valuation was not disclosed, but media reports suggest it’s between $250 million and $300 million.
HotDoc allows patients to book appointments online, fill new patient registration forms, undertake telehealth check-ups, and receive SMS updates on important test results.
It says 13 million patients and 23,000 medical practitioners use the system, which now processes around 2.5 million appointments each month.
The business grew out of Hurst’s frustrations with existing medical administrative processes and the difficulty of building a practice from scratch.
A former healthcare professional himself, Hurst built HotDoc with the help of two initial investors — his parents, whose experience as a GP and an ENT specialist also informed the startup.
Praise for Petre
HotDoc soon gained the attention of Airtree, which in 2015 invested $2.2 million into HotDoc’s Series A capital raise.
At the time, Airtree founding partner Daniel Petre said HotDoc had “achieved the best traction in market with the least resources” by prioritising doctor-patient relationships.
Hurst praised Petre on Wednesday, saying he was “happy to invest in a budding startup whose ambitions did not include global domination. Building stuff to help Australian GP medical centres run more sustainably was ambitious enough.”
HotDoc “never would have made it this far without Airtree in our corner,” he added.
HotDoc raised $5 million in its 2018 Series B round, led by Right Click Capital, with further participation from Airtree Ventures.
The venture only grew through COVID-19, when Australians flocked to telehealth appointments and adopted digital tools to book their vaccinations.
The startup sought further capital in 2021, as it built its platform to accommodate more specialists, dentists, and allied health professionals.
Potentia and Hurst were contacted for comment.
This story first appeared on SmartCompany. You can read the original here.
