Singapore-based health startup Micare announced that it has secured an investment of $60 million from IFC and Mitsui. The company helps insurance companies and corporates manage the medical claims of policyholders. The company also announced that Asian healthcare services group Zuellig Pharma will continue as MiCare’s largest shareholder after this investment. Additionally, the Managed Care Organisation (MCO) will use brand new funds that will help them expand their reach to Vietnam and Indonesia. They are also planning to set up a new regional headquarters in Singapore.
Apart from the recent $60 million investment, the healthcare startup also received $30 million in funding from IFC in December. This amount was also raised to fund MiCare’s $100 million expansion plans into Southeast Asian regions by potential acquisitions of TPA providers. The money will also be used for capital expenditures and IT infrastructure development in countries where the company is already operating. IFC currently has 600 employees operating in Malaysia, Thailand, and the Philippines.
At present, the company is in charge of processing over $400 million worth of mediclaims annually. MiCare has more than 13 million members that represent insurance companies and corporate clients in Malaysia, Thailand, and the Philippines. Presently, the company serves 45 insurers and 6,500 clients in the same region. The company also helps build connectivity applications and infrastructure that aids the healthcare sector to exchange transaction information online. Founded in 2006, MiCare started with just 200 members as a third-party administrator of medical claims.