Total amount raised
$97.6 Million
Latest funding date
08/01/2021
Location
mfine has successfully raised funds through seven rounds, with the latest being a Series C round involving ten investors. The platform is a health-tech startup developing an AI-powered telemedicine mobile app.
Keep reading to explore the intricacies of mfine's fundraising journey and the investors backing this innovative platform.
What Is mfine?
mfine is a health-tech startup based in Bengaluru, Karnataka, India. The company specializes in developing an AI-powered telemedicine mobile app, offering services such as online doctor consultations, lab tests, and long-term care programs.
Operating in industries like healthcare, artificial intelligence, and medical services, mfine has an employee count ranging from 501 to 1000. The platform partners with top hospitals to provide accessible and convenient healthcare solutions.
How Much Funding Has mfine Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: September 2017
- Lead Investors: Stellaris Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-powered telemedicine platform.
- Series A Round
- Amount Raised: USD 4,200,000
- Date: May 2018
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their service offerings and enhance the technology behind their platform.
- Series B Round
- Amount Raised: USD 17,200,000
- Date: April 2019
- Lead Investors: SBI Ven Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Debt Financing
- Amount Raised: INR 310,000,000 (approx. USD 4,500,000)
- Date: July 2019
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and operational expenses.
- Series B Round
- Amount Raised: INR 395,500,000 (approx. USD 5,300,000)
- Date: August 2020
- Lead Investors: Caretech Pte Inc
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their AI capabilities and expand their healthcare services.
- Series Unknown
- Amount Raised: USD 16,000,000
- Date: January 2021
- Lead Investors: OCTAVE Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their telemedicine services and expand their user base.
- Series C Round
- Amount Raised: INR 3,561,000,000 (approx. USD 48,000,000)
- Date: August 2021
- Lead Investors: BEENEXT, Moore Strategic Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and invest in new healthcare technologies.
Total Amount Raised: USD 96,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- SBI Investment
- Details: SBI Investment is a prominent venture capital firm based in Japan. It is part of the SBI Group, which focuses on a wide range of financial services.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Ripple, R3, AntWorks
- OCTAVE Capital
- Details: OCTAVE Capital is an investment firm that focuses on early-stage and growth-stage companies. It has a strong presence in the healthcare and technology sectors.
- Investment Focus Areas: Healthcare, technology
- Notable Investments: Not publicly disclosed
- Heritas Capital
- Details: Heritas Capital is a Singapore-based investment firm that focuses on growth-stage companies. It aims to create positive social impact through its investments.
- Investment Focus Areas: Healthcare, education, technology
- Notable Investments: Not publicly disclosed
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology companies. It has a global presence with a focus on emerging markets.
- Investment Focus Areas: Technology, e-commerce, fintech
- Notable Investments: Zilingo, NoBroker, Trusting Social
- Moore Strategic Ventures
- Details: Moore Strategic Ventures is the private investment arm of Louis Bacon, focusing on long-term investments in various sectors. It is known for its strategic and impactful investments.
- Investment Focus Areas: Technology, real estate, energy
- Notable Investments: Not publicly disclosed
What's Next for mfine?
mfine stands at the cusp of significant growth opportunities, bolstered by its recent $34 million Series C funding. This influx of capital positions the company to enhance its technology, expand its user base, and potentially enter new markets. The telemedicine sector's rapid growth, driven by the increasing need for remote healthcare solutions, presents a substantial opportunity for mfine to scale its operations.
Future fundraising prospects look promising as the company continues to demonstrate growth and innovation. The increasing relevance of telemedicine, especially in a post-pandemic world, could attract more investors. However, mfine may face challenges such as competition from other health-tech startups, regulatory hurdles, and the need to ensure data privacy and security. Navigating these challenges will be crucial for sustaining its growth trajectory.
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