Local health tech startup Naluri today closed a successful US $ 5 million (RM20.58 million) Series A round.
Investors include returning investors like Duopharma Biotech Berhad, Pathology Asia (via Biomark) and VC M Venture Partners, which Naluri has already raised US $ 1.1 million (RM 4.52 million) in a round of pre-series A. This new cycle was led by Integra Partners from Singapore.
New foreign investors have also joined this cycle, such as Sumitomo Corporation Equity Asia, Palm Drive Capital of New York and INP Capital of Vancouver (both of which will share their ledgers).
Naluri’s Series A also marks the first time the Malaysian government will match a private equity contribution (dollar for dollar) through the Hibiscus Fund, managed by Malaysian RHL Ventures and Korean KB Investment which is part of the national Dana Penjana program.
The healthcare startup will be the first to benefit from this new program aimed at enabling high-growth companies to innovate and develop rapidly.
Help people at risk navigate health
As a reminder, Naluri is an app that combines behavioral science, data science, and digital design as part of its digital therapy solution. It is founded by the former CEO of AirAsia, Azran Osman-Rani.
The app provides professional health and life coaching services, where users can connect with dietitians, fitness trainers, medical advisors, etc. Other digital tools provided by the app include food diaries for you to monitor your weight, food intake, and exercise to track your goals and progress.
Users can aim for all kinds of goals like losing weight, lowering blood pressure, blood sugar or cholesterol, or even better stress management. For individuals, Naluri offers a subscription of 149.90 RM / month, and businesses and organizations can sponsor its services for their teams.
Sharing the light with more ASEAN countries
Like other local startups looking to grow, Naluri is increasing its influence at the regional level. With this funding, it plans to expand its operations in Singapore and Indonesia, and launch its services in Thailand and the Philippines.
“Malaysia alone has too small a domestic market. Our choice of markets to open [in] is based on demand from existing regional insurance clients and employer companies with regional operations, this ensures that we are not entering new markets cold, but have existing clients who can supply the initial demand for support the set-up of operations, ”Azran told Vulcan Post.
In Europe, Naluri plans to invest in clinical research with the goal of obtaining certifications and digital therapy standards that they can use to help shape the digital therapy landscape in Southeast Asia. It will also strengthen clinical research in the therapeutic areas of diabetes, kidneys, cardiovascular disease, cancer and mental health.
Apart from the expansion, the new funds will be used to deepen their technological and scientific capabilities to improve Naluri’s product and predictive algorithms, including its natural language processing, depression detection, as well as device connectivity and patient monitoring.
This technology would improve the analysis of health profile trends for coaches, so they can better respond to the right user at the right time, with the right level of support.
Served over 25,000 users
In 2020, Naluri crossed annual revenue of US $ 1 million, tripling its growth from the previous year. As expected, this was due to the accelerated demand for digital health resulting from the pandemic.
Dictionary time: Annual Revenue Execution Rate is a method of projecting future revenue over a longer period (typically one year) based on previously earned revenue. For example, if your business reported 15,000 RM in sales in the last quarter, your annual fulfillment rate would be 60,000 RM. Run-rate uses current financial data to predict future performance.
“We plan to maintain this same rate of growth for this year. To date, Naluri has served over 25,000 members in the region, increasing as our revenue grows, ”Azran told Vulcan Post.
Although Naluri has quadrupled its gross profit margin to more than 40% in the past year and hopes to continue improving that margin as its technology improves, Azran added that its positive net operating profit is only expected. not be reached for a few years.
- You can read more about Naluri here.
- You can read more Naluri related articles that we’ve covered here.
Image Credit Featured: Azran Osman-Rani, Co-Founder and CEO of Naluri
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