Square Peg Capital also returned as an investor in this Series C round, after it led the B round, and a consortium of other investors contributed money. Former Prime Minister Malcolm Turnbull and his wife Lucy are also investors in HealthMatch.
Ms Gunawardena said the funding will be sufficient for at least 18 months, when we hope that market sentiment will recover.
“A few months ago, like many startups, we had to face a correction in the market and adapt to the changing environment, but our mission has not changed. We are still trying to solve a really big problem, and closing this funding allows us to focus on that,” she said.
“We are building a sustainable company, and the biggest change has been to prioritize working with a smaller team.
“We’ve been fortunate to have our existing investors come back, because I’ve noticed a change in the funding environment and how quickly there are a lot of pens, and investors are changing their expectations of what they want.”
Ms Gunawardena declined to say whether it had received a valuation in the current round, or whether it had maintained or increased its previous value, but said she was pleased with where it had fallen in current market conditions.
When you are He wrote to his investors in July Before the current funding round, Square Peg listed its 18.2 percent stake in HealthMatch at $11.1 million, although Ms. Gunawardena rejected the suggestion that this valued her company at $60.9 million.
Last week, Alistair Coleman, a partner at Folklore Ventures, lamented on social media about the emergence of predatory venture capital behavior in recent months, including investors behaving like CEOs, preferred stocks diluting the founder’s potential returns and funding attempts. That was aborted to return again on preferential terms. .
He said his fund had invested again because it remained as committed to Ms. Gunawardena’s vision as it had been in 2017.
“In just a few years, HealthMatch has demonstrated the importance of its global mission, showing the world that a patient-centered approach to solving a fundamental problem in the life sciences is&“D can be beneficial for both patients and clinicians,” said Mr. Coleman.
Since its launch in the US last October, HealthMatch has been logging 100,000 new user registrations per month, a much faster rate than Australia. Gunawardena has attributed this rapid growth rate to a lack of Medicare-style access to major health care and drug providers, particularly in diverse and underserved communities.
She said HealthMatch has been working with global drug companies including Roche and AbbVie & Boehringer Ingelheim as well as emerging biotechnology companies such as Imugene & Notable ex-contract research organizations to provide patients with their experiences.
One outcome of the funding round is to enable HealthMatch to recruit more employees in the US and Australia, and to further develop its platform. Targeting 10 million users, it aims to gain more beta sites in the US as well as the initial 800 sites that have been secured.
As part of a rethink of its recent strategy, it has scaled back work on some long-term plans, related to data products to be sold to the healthcare industry, in favor of focusing on its core business.
“We are planning to expand our team and hiring in this new strategy, and a new chapter for the company,” said Ms. Gunawardena.
“We really welcome the opportunity to rehire some of those employees who have left if they want to join, but we will do so in a calculated way.
“Obviously staffing across the industry is a bit more volatile, but we have the capital, we are solving an important problem, and we are making real progress. So we will build the team again, and we will focus on the areas that we need.”