Top Doctors receives another €3M round, led by a Russian investor.

The round aims to consolidate Top Doctors in the markets in which it operates: Spain, Italy, UK, Chile, Mexico, Colombia and the US, as well as the possibility of opening up markets in Germany and France. The company currently has 120 employees. Forecasts indicate that, when it completes its expansion plan in 2018, the workforce will rise to 160 people.

Top Doctors receives its second round for a total of €3M

Top Doctors is a Catalan company, founded in 2011, which allows you to locate and make appointments online in real time with doctors and health centres.

The round 3M, which has just closed, was led by Addventure, a Russian international venture capital firm, and will allow the company to grow in the markets in which it already operates and open up new markets. In addition, the company also has as a priority to advance in its technological development.

This capital increase has led to the exit from the shareholding of Societat d'Inversió dels Enignyers. The fund, managed by Enginova and Banco Sabadell, entered the company in 2015 when Top Doctors carried out its first round. This round was led by Castle Connolly Medical Ltd, in which Inveready also participated.

Corporate finance analysis Top Doctors

Top Doctors has been on a growth trajectory, doubling its turnover every year since its inception in Spain and in just four years has expanded its team to 120 employees in its offices in Europe and LATAM, with headquarters in Barcelona and Mexico City respectively. Although we do not have data for 2016, company sources say that Top Doctors' turnover in 2016 exceeded €3M. This figure makes it one of the 10 European digital health companies with a turnover of more than €3M/year.

As is normal in start-up companies, which need a lot of investment, until 2013 the company's profitability was negative, but from 2014 onwards it managed to achieve positive profitability.

What other Spanish companies have received funding in this niche market?

Top Doctors is not the only Spanish digital health company that has recently received funding. As we have already mentioned in previous posts, among the companies that have received funding we find: Psious which uses augmented reality to treat phobias.  IGlobalMed, that connects doctors and patients. SocialDiabetes, an app for the treatment of diabetes. Clinic Point, market places to search for doctors online.

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