New early-stage tech investment firm M8 Ventures has made its first venture-scale investment.

The Sydney firm has led a $4.5 million, pre-Series A funding round for Hola Health, a Perth-based 24-hour on-demand telehealth service. Hola Health provides online consultation, prescription, medical certificate and referral services.

Seed-funding investors also provided follow-on investment.

Hola Health was founded in June 2019 by chief executive Lenin Rajendran, chief technology officer Thiri Rajendran and chief medical officer Dr Vishnu Gopalan.

Rajendran said: “This investment is not just a financial boost but a strong vote of confidence in our vision to make primary healthcare accessible and immediate for all Australians.”

General partner at M8 Ventures Emily Rich is to join the Hola Health board.

“We are excited to lead this round of investment for Hola Health” she said. “Their innovative approach to on-demand healthcare, combined with their impressive growth and commitment to excellence, aligns perfectly with our investment philosophy.”

Hola Health plans to use the new capital to scale up its operations to reach more consumer and corporate customers. The company has already established partnerships with HealthEngine, MeAdvisor, TerryWhiteChemmart and features in the UberEats and DoorDash pharmacy online marketplaces.

M8 Ventures was founded by Rich and founder-coach Alan Jones.

Image: Hola Health provides online access to general practitioner consultation’s 24 hours a day.