Health insurance company nib (ASX: NHF) has invested a further $15 million in online healthcare solutions provider Midnight Health and has committed to provide $9 million more in the 2024 financial year in a Series B financing round if performance benchmarks are met.
Brisbane-based Midnight Health was set up in 2021 by Nic Blair and Matt Anderson. They have developed a range of brands which provide services including online prescriptions and medications delivery.
nib moved to take a 50% stake in Midnight Health in 2021 and its stake will reach 77% if it invests the additional $9 million in the current round.
Midnight Health plans to use the new funding to help it build scale, further developing its IT and service platforms. The company’s brands are: hub.health, women’s health platform Youly.com.au, and men’s platform Stagger.com.au.
nib managing director Mark Fitzgibbon said: “nib views the range of Midnight Health products and services as key elements in its vision to become as much a health management company as we are a leading health insurer. We are gradually building an ecosystem of technologies and assets, such as Midnight Health, which enable people to personalise and seamlessly meet their healthcare needs through NIB.”
Blair, who is Midnight Health’s chief executive, said: “This latest investment will allow us to accelerate growth, develop new services and bring our innovative healthcare solutions to more patients across Australia as we work to change the way care is delivered.
“We’re really proud that we reach a large number of people who live in remote regions across Australia and don’t always have access to a GP. Midnight Health brings equity to people around healthcare whether they live in the bush or a big capital city.” 
Midnight Health says its revenue for the 12 months to April 2023 was up 320% and since inception it has provided services to more than 85,000 customers.
Image: Midnight Health founders Matt Anderson and Nic Blair.