Australian healthcare platform secures up to $24m in Series B funding

The Australian healthcare platform Midnight Health has secured up to $24m in funding from the health insurance provider nib holdings limited.

Subject to meeting performance hurdles, nib expects to invest a further $9m in Midnight Health in FY24, taking Series B funding to $24m, and total funding since 2021 to $40m. At the closure of the financing, nib will hold equity of 77 per cent in Midnight Health.

The funds will be used to help the business expand, build scale and develop its IT and service platforms, including its women’s health platform Youly.

“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,” said Nic Blair, Midnight Health co-founder and CEO.

“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.”

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.

“It’s an exciting and important endeavor, especially when you consider the fragmentation within healthcare.”

Launched in 2021, Youly was the first company in Australia to deliver same-day emergency contraceptive to a patient’s home. It provides consultations and scripts for over 2,000 medications, including the contraceptive pill, menopause, thrush, and skincare treatments.

As many as one in every 233 Aussie women who use the contraceptive pill have been helped by Youly.

The platform also provides advice for women on many areas of healthcare, including the treatment of sexually transmitted diseases.