AddVenture, Target Global and Lev Leviev invest $4.5 millon in Russian medical insurance startup

AddVenture, Target Global and Lev Leviev invest $4.5 millon in Russian medical insurance startup
AddVenture, Target Global and Lev Leviev invest $4.5 millon in Russian medical insurance startup
By EWDN in Moscow August 10, 2020

A Russian medical insurance startup called BestDoctor has raised $4.5mn from major Russian investors, reports East-West Digital News (EWDN).

These include AddVenture, a pioneer in the Russian venture business, Target Global, a fund with Russian roots operating from Berlin, and LVL1, the investment company of Russian-Israeli Lev Leviev.

This is BestDoctor’s third round of equity funding since inception in 2015: the startup raised $3mn in May last year and $500,000 in 2017.

Combining “the classic benefits of voluntary medical insurance with a high-tech online service,” BestDoctor offers businesses an opportunity to provide medical services to their employees. Employers only pay for the medical services actually rendered to employees, which, as the startup claims, helps businesses save on insurance costs.

BestDoctor claims 30,000 users, whom its connects to 11,000 partnering clinics across Russia. Among the startup’s corporate clients are Azbuka Vkusa, Hoff, Litres, Mail.ru Group, Ostrovok.ru, Samokat, Superjob, and others.

BestDoctor saw its sales grow fivefold in 2019 and expects a slightly more modest performance – a three- or fourfold increase – this year.

 

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