Coviu raises $6m - poised for exponential growth

Chief executive and co-founder’s Silvia Pfeiffer - Coviu - a Telehealth startup - a CSIRO spinout - raises $6m led by Equity Venture Partners -after record growth from Covid-19.

The growth - a beneficiary of covid-19

It has grown  from having 400 video visits a day on its platform to 25,000 at the height of the crisis - it is achieving 13,000 to 14,000 consultations per day, with its team growing from  7 to 35 and revenue surging 11,553 per cent - enabling a decade worth of progress in a year.

This fast growth earned it second place in the Rising Star category of the Deloitte Technology Fast 50 Awards for 2020.

“COVID-19 has caused a fundamental shift in Australia’s healthcare system enabling a transition of Australian healthcare ‘overnight’ into a powerful, easy to use telehealth platform,” Phil Morle, of Main Sequence Ventures shared with the AFR 

What Coviu does 

Coviu is a platform enabling healthcare practitioners to conduct private video consultations with patients securely online. 

It allows healthcare providers to replicate essential business operations digitally, such as Medicare payments, triaging patients, giving prescriptions and a digital waiting room.

Who invested

Led  by Equity Venture Partners and Impact Investment Group's Giant Leap Fund, in addition to Main Sequence Ventures and medical investment group Medical Angels.

Equity Venture Partners investment director Daniel Szekely has joined Coviu’s board as a non-executive director.

Dr. Mian Bi, Lead Investor at Australian Medical Angels, said doctors were taking matters into their own hands by investing in technology that they believe to be critical for their futures. L, and Telehealth is a vital part of how we as a profession will meet the challenges of an ageing population and potential future pandemics.

The benefits and the future  

Dr Pfeiffer said that People have jumped on it, retained it and patients love the flexibility 

Pfeiffer believes telehealth is just the start of the digital health transformation, which will be centred on more home-based medicine, and we will be looking to do a further raise in 2 years time.