Technology growth capital fund Bailador Technology Investments (ASX: BTI) has invested $5.5 million in online prescriptions business InstantScripts.
Bailador’s investment follows a $10.9 million recent investment by an investment syndicate led by funds management and advisory firm Perennial Value (APE&VCJ, Jul 2021).
Announcing its investment on 26 July, Bailador said InstantScripts’ digital healthcare platform enabled Australians to conveniently access high quality doctor care and routine prescription medication in a safe, secure and clinically responsible manner.
The platform’s express prescription service enables consumers to access doctor-approved routine prescription medication in minutes. It also enables streamlined access to certain routine pathology tests and is developing AI-driven results interpretation tools that will supplement the doctor’s input. Users of the platform can also access live medical advice via telehealth consultations. The service’s digital healthcare platform is underpinned by doctor-designed clinical questionnaires that streamline the patient eligibility process before a doctor-approved prescription is provided.
Bailador said InstantScripts was growing rapidly and had already served over 300,000 Australians. The business was growing strongly prior to COVID-19 disruptions which had now accelerated its growth.
InstantScripts enjoys strong support from the pharmacist community with over 40% of Australian pharmacies already registered with the platform; it also has e-prescription integration and is on the Australian Digital Health Agency conformance register.
Melbourne-based InstantScripts – InstantScripts.com.au– was launched in January 2018 by serial medical business entrepreneur Dr Asher Freilich, who had previously worked as a general practitioner and as a healthcare specialist investment banker with Citi in Sydney and Piper Jaffray in New York.
Bailador co-founder and managing partner Paul Wilson said: “Lowering the cost and improving access to healthcare is a huge challenge. Asher and the InstantScripts team have developed a digital healthcare platform that we believe can form part of the solution to this challenge. The incredible traction that InstantScripts has achieved in a short period of time further demonstrates the demand that exists for InstantScripts’ solution.”
Freilich said: “We are very excited about Bailador’s investment. Bailador shares our vision and belief in the enormous potential for our digital healthcare platform both here in Australia and internationally.”
Disclosure: The writer holds shares in Bailador Technology Investments.