Polish Startup Telemedico Raises $6.6 Million to Scale Health Software

By Jemima McEvoy Monday, February 8, 2021

Telemedico has raised $6.6 million in a Series A fundraising round led by the likes of Flashpoint Venture Capital, Uniqa Ventures, and Black Pearls VC. The Polish-based startup is among numerous telehealth companies that has seen strong interest amid the coronavirus pandemic due to a push toward remote consultations. Here’s the latest on the startup, its financing, and its plans for the future.

A tablet displaying "2021" and a stethoscope on a desk.

What Is Telemedico?

Telemedico is a SaaS, or Software as a Service, startup that primarily targets insurance companies and provides technology that helps other companies operate health services remotely. Software capabilities include virtual consultations with doctors, artificial intelligence (AI) triage and coordination, as well as schedules of in-person visits.

The Saas company was founded in 2014 by Pawel Sieczkiewicz and Piotr SÅ‚omian, but only launched its business-to-business (B2B) model it uses today in 2017, the startup told TechCrunch in a recent article. The business is currently active in 14 markets in total.

Money and Investors

This most recent funding round makes up nearly all of the total capital raised by the startup to date, according to Crunchbase. The company raised roughly $24,000 in 2014 and then another $94,000 in the same year. Then, took a break from more fundraising until 2019 when it held a seed round that Crunchbase does not report any income for.

The company closed its most recent round of fundraising — a Series A round — in February of this year. A total of $6.6 million was clocked by the Saas startup, with Flashpoint Venture Capital, an Israeli firm, serving as the round’s lead investor.

Momentum and Plans for Growth

The company told TechCrunch that 2020 was a record year for its business: over one million consultations were carried out on its platform during the 12-month period. Sieczkiewicz also said that the company has seen its business grow three-fold year over year since 2018 and that appointments now take place in ten different languages.

With the general momentum toward telemedicine from the coronavirus pandemic, in addition to the money from its fundraising round, the startup said it plans to expand its business. Telemedico said it’s planning to double the size of its team. The money will also be used for international expansion as its SaaS business grows, said the startup.

Final Takeaways

The company is looking to fully expand its business with this sizable chunk of cash. Despite a relative lack of funding prior to this month, the company has managed to find its way into global markets, so it will certainly be interesting to see what the startup will do now that it has real capital in its pockets.

About the Author

Headshot for author Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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