How Wai Mun, CEO And Founder Of Doctor Anywhere Raised US$27M To Bring Convenient Healthcare Experience To Millions?

Wai Mun is the Founder and CEO of Doctor Anywhere, with more than 10 years of experience in the investment and start-up space.

Launched in 2017, Doctor Anywhere is a regional tech-led healthcare company that harnesses the power of technology and connectivity to combine a holistic range of health and wellness services into a single, integrated platform. Doctor Anywhere’s mission is to bridge efficiency gaps in the health and wellness ecosystem, to bring a simple, seamless, and convenient healthcare experience to the millions in the region.

Before Doctor Anywhere, Wai Mun spent 8 years at Singapore-based investment company Temasek Holdings, where he was instrumental in the conceptualization and establishment of Pavilion Energy, a Singapore-based LNG company with significant stakes in the global energy market. The experience at Pavilion Energy equipped him with the essential insights and acumen to lead a team through the complexities of the healthcare landscape.
Prior to his time at Temasek Holdings, Wai Mun spent three years of his career in Private Equity at Standard Chartered Bank.

Born and raised in Singapore, Wai Mun graduated with a Bachelor of Mechanical Engineering at the National University of Singapore.

In an exclusive interview with AsiaTechDaily, Wai says:

Look beyond the conventional, look beyond what you know, and be courageous to take the first step. Execution of the idea is key, more so than the idea itself.

In general, most startups get wrong about marketing by being overcomplicated and too technical in communications. Over-analyzing the market and too slow to react to changes. We find that sticking to the basics and communicating clearly and simply, as well as speed to market, are what work well for us.

The biggest challenge would be dealing with rejections. This is to be expected in this startup journey. To succeed, we have to stay tenacious and push on through challenges, bearing in mind that sometimes it is not just about how good your business plan is. Still, it is also important to pay attention to market sentiments and timing and luck.

Read on to know more about Wai Mun and his journey.

Please tell me about your personal background, and What motivated you to get started with your company?

Wai Mun: When I was still at my previous employment at Temasek Holdings, I participated in a charity program where I helped to distribute lunchboxes to elderly living in older housing estates in Singapore. I witnessed people who were unable to leave their homes to seek basic medical care from doctors. The thought came up to create a solution where I can help bring affordable and convenient healthcare closer to people who are most in need. This was how Doctor Anywhere started.

What is your current main product, and can you share any previous product pivot story to the current product?

Wai Mun: Doctor Anywhere is a tech-led healthcare company that harnesses technology and connectivity to combine a full range of health and wellness services into a single, integrated platform. Our flagship product is an app-based service that connects users with a licensed local doctor on demand anytime, anywhere, with medication delivered to their doorsteps within hours. Medical history, health reports, and other documents are stored in-app for easy access.

Doctor Anywhere also runs a chain of GP clinics island wide in Singapore and partners with a network of general practitioners, specialists, and allied healthcare providers in Singapore and the region.

Complementing this ecosystem is the DA Marketplace. Our users can shop for a wide range of health and wellness products and services, such as nutritional supplements, skincare products, physical therapy sessions, and even book home-based healthcare services. Doctor Anywhere now serves more than one million and growing, users on our online and offline platforms regionally.

How much money have you raised in total so far? When was the recent funding round?

Wai Mun: Doctor Anywhere has raised US$27M in our recent series B round of funding, announced on 31st March. Backed by institutional investors, including the largest venture capital fund in Australia – Square Peg, Singapore Government investment arm – EDBI, and leading international healthcare provider – IHH Healthcare.

How have you attracted users, and with what strategy have you grown your company from the start to now?

Wai Mun: We established 3 core pillars of values that our brand consistently communicates: trust and credibility, reliability and convenience, and privacy and confidentiality. These values are aligned with the brand’s mission of bringing healthcare closer to people and guide us in our marketing decisions and messages.

With these values providing a framework for our communications, we make sure that we build a strong relationship with our users by talking to their pain points, running campaigns relevant to their lifestyle needs and experiences, and consistently paying attention to new market trends and developments.

As healthcare is a highly personalized and specialized service, and telemedicine is still not ingrained in consumers’ behavior, we engage our users and instill a habit by building a healthcare ecosystem that integrates online and offline channels.

What do most startups get wrong about marketing in general?

Wai Mun: In general, most startups get wrong about marketing by being overcomplicated and too technical in communications. Over-analyzing the market and too slow to react to changes. We find that sticking to the basics and communicating clearly and simply, as well as speed to market, are what work well for us.

What were the internal decision processes in determining when to begin fund-raising, and what were the logistics for this? And how many investors have you met so far, and how did you meet these investors and which channels worked best for you?

Wai Mun: When growth opportunities are identified, we raise funds.
We’ve met many investors, with an average hit rate of around 5-10 percent. The most effective channel is through introductions, but I also believe that if we create a good product, investors will pay attention and come knocking on our doors. This has proven to be true for us.

What are the biggest challenges and obstacles that you have faced in the process of fund-raising? If you had to start over, what would you do differently?

Wai Mun: The biggest challenge would be dealing with rejections. This is to be expected in this startup journey. To succeed, we have to stay tenacious and push on through challenges, bearing in mind that sometimes it is not just about how good your business plan is. Still, it is also important to pay attention to market sentiments and timing and luck.

What are your milestones for the next round? And what are your goals for the future?

Wai Mun: The goal for Doctor Anywhere is to establish our presence and scale effectively across the region.

How do you plan to expand globally?

Wai Mun: We are expanding globally by acting locally. Healthcare is a very localized business. We must understand the local consumer’s mindset and context to be relevant and address each market’s unique healthcare needs. We partner with the top hospitals, specialist clinics, and allied health providers in key cities that Doctor Anywhere is present in, and also run physical pharmacies and clinics. This means Doctor Anywhere has the unique ability to bridge online and offline healthcare services seamlessly to offer comprehensive, holistic care for our users.

How do you handle this COVID-19 outbreak situation for your company’s survival in the future?

Wai Mun: The healthcare industry is at the forefront of the fight in this global pandemic. The COVID-19 situation, while unfortunate, has brought to light the need for telehealth as a useful tool and additional means to address workforce issues, care for at-risk populations, and deliver healthcare more efficiently. For many who believe that they need doctors to physically assess them to provide an accurate diagnosis, which is not the case for many common primary ailments, the situation has removed their barriers to telehealth usage almost overnight.

Since the COVID-19 crisis started, our business has experienced a 3 to 4-fold increase. In particular, we’ve seen a 9X increase in patients’ consultation for a chronic medication refill. In light of the current crisis, we need to ensure that we can scale our core operations on time to meet the increased demands effectively.

What are the most common mistakes founders make when they start a company?

Wai Mun: In my humble opinion, people tend to believe and rely too heavily on mainstream and conventional wisdom. There are times where conventional wisdom can serve as a valuable benchmark. However, I also believe that growth opportunities lie in the visionary and sometimes audacious ideas that the mainstream might scoff at. Identifying these opportunities, and having the courage and tenacity to pursue these opportunities (along with a dose of good luck and timing) is what sets successful companies apart from others.

What’s the best advice you’ve ever received? And What advice do you have for someone who is interested in doing similar things like yours or in a similar direction?

Wai Mun: It is the words of Singapore’s first prime minister, Mr. Lee Kuan Yew:

“There’s a glorious rainbow that beckons those with the spirit of adventure. And there are rich findings at the end of the rainbow. To the young and to the not so old, I say, look at that horizon, follow that rainbow, go ride it.”

Look beyond the conventional, look beyond what you know, and be courageous to take the first step. Execution of the idea is key, more so than the idea itself.

What are the one or two things that you would do differently to improve your life if you could go back to 10 years ago?

Wai Mun: If I could turn back time, I would have started my entrepreneurship journey earlier when I was much younger. I could have started some small businesses with friends while still holding a full-time job, as the opportunity cost of entrepreneurship would be lower when I was younger and had fewer commitments.

You can follow Wai Mun here.

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