Trading firm Itochu has invested $6m in Docquity, the Singapore-based developer of a social media platform for doctors, as part of an $11m series B round, DealStreetAsia has reported.
SPH Ventures, the corporate venturing subsidiary of media company Singapore Press Holdings (SPH), co-led the round, which also featured KDV Holdings and private investor Jo Hirao.
Founded in 2015, Docquity has developed a mobile app through which more than 80,000 doctors and physicians in seven countries can connect and communicate with peers in the industry. It is free to members, but pharmaceutical companies pay to advertise their products via the network.
Itochu has formed a partnership with Docquity and will introduce the platform to pharmaceutical companies and medical device manufacturers operating in Asia.
The company raised an undisclosed amount in a May 2018 series A round led by Genesia Ventures that included SPH subsidiary SPH Media Fund, Convergence Ventures, Spiral Ventures and KDV Capital.