Health-tech startup Doceree has raised $35 million (about Rs 291 crore) in a Series B round led by private equity firm Creaegis.
Existing venture capital investors Eight Roads Ventures and F-Prime Capital also participated in the round, Doceree said in a statement Wednesday.
Doceree, which offers physician-only platforms for programmatic messaging, said it will use the fresh capital to accelerate product development, augment technologies, scale global expansion, and expand its team.
The deal comes less than a week after Creaegis hit the final close of its debut fund. The PE firm raised $425 million (almost Rs 3,530 crore), the biggest amount in rupee terms by a first-time general partner in India.
Doceree was founded in 2019 by Harshit Jain. The startup began its operations in the US and has expanded to Europe, Southeast Asia, the Gulf region, besides India.
The startup secured $1 million in 2020 in its seed funding round led by Beyond Codes founder and CEO Kumar Gaurav, with participation from a group of angel investors in India and the US. It mopped up an undisclosed amount in its pre-Series A round in June 2021 and raised $11 million in a Series A funding round led by Eight Roads in April last year. F-Prime Capital and Alkemi Growth Capital joined the Series A round.
Doceree said it has grown more than 100% in the last one year with monthly revenue rising five folds between the Series A funding in April 2022 and now.
“The pharma messaging space is evolving at a fast pace and our solutions are aligned to meet the immediate requirements of the life sciences industry,” said Jain, who is also global CEO at Doceree.
This is the second health-tech investment by Creaegis, which previously backed Medikabazaar. The firm’s portfolio also includes enterprise SaaS firm Kale Logistics and insurtech startup Zopper.
“Our past experience of investing in pioneering global SaaS companies and in the healthcare ecosystem will enable us to support the company’s mission to create superior outcomes for pharma brands, providers and patients,” said Creaegis managing partner Prakash Parthasarathy and partner Nitish Bandi.
