The personal medical insurance coverage market is broadening year on year by over 5 %, which includes in Russia, where the insurance market– which grew by 4% in 2019– has reached a worth of nearly $22 billion.

It’s not that surprising that Russian insurtech startup BestDoctor has now closed its 3rd round of financing for $4.5 million. Lead investors AddVenture, based out of Moscow, and Target International, based out of Berlin, were signed up with by the London-based LVL1 fund, which had actually previously bought the company.

BestDoctor is an online medical insurance platform offering private medical insurance coverage for companies and their workers. As insurance coverage, its also delivers 24/7 health support and medical consultations by means of its mobile app. Users likewise can get access to suggestions on preventive care and online support from BestDoctor doctors. The concept is that users save up to 23% on their annual medical expenses, and as much as 95% of users restore the agreement after a year.

Its clients mainly consist of Russian corporates, consisting of Voximplant, Faberlic, Ivideon, Prisma Labs and Rambler Group, which add up to more than 30,000 people. It also collaborates with 11,000 clinics across Russia.

Mark Sanevich, BestDoctor’s CEO and co-founder, states the need for online medical services was enhanced during the pandemic: “Our organisation got a strong boost. Now we are going to focus on developing a comprehensive platform on the basis of medical insurance coverage.”

Target Worldwide handling partner Mikhail Lobanov said:”BestDoctor is a rare example of a business that integrates medicine and modern, while directly connecting companies with medical centers. High-tech private medical insurance with the capability to seek advice from a doctor 24/7 makes sure transparency of all expenditures.”

AddVenture managing partner Maxim Medvedev said:”By summertime 2019, BestDoctor had a great head start: it had large business clients, the company determined the market’s problems and needs and dozens of product ideas were tested.”BestDoctor prepares to spend the recently raised funds on establishing its software application and likewise prepares to expand its sales activity, concentrating on brand-new item sections. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.