Technology expansion capital fund manager Bailador Technology Investments (ASX: BTI) has made a further $10 million follow-on investment in InstantScripts.
InstantScripts operates a digital healthcare platform that provides online access to doctors and routine prescriptions.
Bailador made its new investment alongside an undisclosed investment from a third-party investor.
Bailador said the valuation of the investment round resulted in a 30% uplift to the valuation of its existing $24.4 million investment in InstantScripts. The additional $10 million investment brought the valuation of the firm’s total investment in InstantScripts up to $41.8 million.
According to Bailador, InstantScripts is growing revenue at more than 100% year-on-year and is now exceeding one million patient interactions a year.
Melbourne-based InstantScripts was launched in January 2018 by serial medical entrepreneur Dr Asher Frelich whose career had previously included working as a general practitioner and as an investment banker specialising in healthcare.
Bailador co-founder and managing partner Paul Wilson said: “Under Dr Asher Freilich and Richard Skimin’s leadership, InstantScripts has delivered sustained and impressive revenue growth, all while reaching profitability.”
Former Citi banker Skimin runs day-today operations of InstantScripts.
Wilson said Bailador was very positive about continuing growth prospects for InstantScripts. The firm had previously predicted the business would be listed by now.
Perennial Value and individual investors backed InstantScripts before Bailador made its first investment in the company in 2021.
Disclosure: The writer is an investor in Bailador Technology Investments.