CloudHospital Secures KRW 2B in Pre-Series A for Global Expansion
Global healthtech company CloudHospital has completed an additional pre-SeriesA funding round, securing KRW 2 billion from SJ Investment Partners and Hi Investment Partners.
SJ Investment Partners contributed to this round following their investment in July 2022, marking their continued involvement, while Hi Investment Partners participated for the first time. This latest investment raises CloudHospital’s total funding to KRW 6 billion.
CloudHospital offers a one-stop B2B SaaS solution to hospitals, providing services such as marketing, patient booking, payments, patient management, and an integrated automation system. It aims to directly connect hospitals with patients worldwide and operates a platform for bookings and consultations.
Demonstrating rapid growth in the Indian market, CloudHospital has attracted over 50 hospital clients within three months of launching its SaaS product for hospitals in May of the previous year. By January of this year, only nine months after its launch, it achieved subscriptions from 1,000 hospitals, marking a monthly growth rate of 39% and a quarterly growth rate of 171%.
India, home to approximately 1 million hospitals and clinics, offers a market more than ten times larger than that of Korea. The country has seen a rapid increase in demand for online services, including marketing to domestic and international patients, bookings, management, responses, and internal hospital management, even though very few hospitals are equipped with online infrastructure.
Following this recent investment, CloudHospital plans to significantly expand its local sales force in India to achieve nationwide coverage. It is also poised to actively recruit staff for product development aimed at global market expansion and for global marketing efforts.
Suleiman Nazarbayev, CEO of CloudHospital, expressed his ambitions, stating, “In the Indian market, despite a rapidly digitizing external environment, hospitals have not yet embraced the digitalization of services such as marketing, patient acquisition, online interaction, and internal management. We aim to quickly capture niche markets and secure a position in the global market, including India, by the end of the year.”
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