Local health tech startup Naluri today completed a successful Series A round worth $ 5 million (RM 20.58 million).
Investors include returnees like Duopharma Biotech Berhad, Pathology Asia (via Biomark) and VC M Venture Partners, of which Naluri previously raised $ 1.1 million (RM 4.52 million) in a pre-series A round. This new round was led by Singapore’s Integra Partners.
New foreign investors also took part in this round, such as Sumitomo Corporation Equity Asia, Palm Drive Capital from New York and INP Capital from Vancouver (both will share their registers).
Naluri’s Series A also marks the first time the Malaysian government has raised a private equity contribution (dollar for dollar) through the Hibiscus Fund, managed by Malaysia’s RHL Ventures and Korea’s KB Investment, which is part of the Dana Penjana National Program .
The healthtech startup will be the first to benefit from this new program designed to enable fast-growing companies to innovate and scale quickly.
Helping vulnerable people navigate health
To freshen up, Naluri is an app that combines behavioral science, data science, and digital design as part of their digital therapy solution. It was founded by the former CEO of AirAsia, Azran Osman-Rani.
The app provides professional health and life counseling services where users can connect with nutritionists, fitness trainers, medical advisors, and more. Other digital tools the app offers include food journals, which you can use to monitor weight, food intake, and exercise to keep track of your goals and progress.
Users can pursue goals of all kinds such as weight loss, lowering blood pressure, blood sugar or cholesterol, or even better management of stress. For individuals, Naluri offers a subscription of RM149.90 / month, and companies and organizations can sponsor its services for their teams.
In the app / Photo credit: Naluri
Share the light with more ASEAN countries
Like other local startups that want to scale, Naluri is growing its influence regionally. With this funding, the company plans to expand its operations in Singapore and Indonesia and launch its services in Thailand and the Philippines.
“Malaysia alone has a domestic market that is too small. Our selection of markets to open [in] is based on the demand from existing regional insurance customers and corporate employers with regional activities. This ensures that we are not entering new markets, but that we have existing customers who can provide the initial demand to help build the business, ”Azran told Vulcan Post.
In Europe, Naluri plans to invest in clinical research to obtain certifications and standards for digital therapeutics that will help shape the digital therapeutics landscape in Southeast Asia. This will also strengthen clinical research in the therapeutic areas of diabetes, kidney, cardiovascular, cancer and mental health.
Expansion aside, the fresh funds will be poured into deepening their engineering and data science skills to improve Naluri’s product and prediction algorithms, including natural language processing, depression detection, and device connectivity and patient monitoring.
This technology would improve the analysis of health profile trends for the coaches so they can better respond to the right user at the right time with the right level of support.
Served more than 25,000 users
In 2020, Naluri exceeded the annual sales rate of $ 1 million, tripling its year-over-year growth. As expected, this was due to the accelerated demand for digital health caused by the pandemic.
Dictionary time: The annual sales run rate is a method of projecting upcoming sales over a longer period of time (usually one year) based on previous sales. For example, if your company had sales of RM 15,000 in the last quarter, your annual execution rate would be RM 60,000. Run-rate uses current financial data to predict future performance.
“We assume that we will maintain the same growth rate this year. To date, Naluri has served more than 25,000 members in the region and has grown in line with our revenue growth, “Azran told Vulcan Post.
Although Naluri quadrupled its gross profit margin to over 40% last year and expects to continue to improve that margin as its technology improves, Azran added that the positive net operating profit is not expected to be reached for the next several years.
- Find out more about Naluri here.
- You can read more articles on Naluri that we covered here.
Photo credit: Azran Osman-Rani, Co-Founder and CEO of Naluri