Holmusk plans to use the new funding to further expand its business to new markets

Left to right: Nawal Roy (Holmusk CEO and Co-Founder), Julien de Salaberry (Galen Growth Asia Co-Founder), Gillian Tee (Homage CEO and Co-Founder), and Carolyn Ng (Vertex Ventures Vice-President)

Singapore-based healthtech startup Holmusk is set to close a funding round by the end of the month, CEO Nawal Roy announced during a panel discussion on the second day of Echelon Asia Summit 2017.

“We are raising US$6 million right now, which we are already raising US$2.5 million and are in the process of raising another US$3.5 million this month,” Roy told e27 after the session.

He also said that the company is looking forward to raise “another US$20-25 million Series A this year.”

Though Roy was not able to disclose the name of the investor(s), he said that the new funding will be used to fund the company’s expansion plan.

“Expanding the team, building the technology, and expansion again,” he added.

Holmusk created diabetes management platform GlycoLeap that enables users to track diet, blood sugar level, and weight through both connected devices and in-app services.

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The startup is already operating in Singapore, Malaysia, and the US. With the new funding, it plans to enter India, Indonesia, Japan, and China.

Roy was speaking at a panel about healthcare startups in Southeast Asia, with Homage CEO and Co-Founder Gillian Tee and Galen Growth Asia Co-Founder Julien de Salaberry. The session was moderated by Vertex Ventures Vice-President Carolyn Ng.

The speakers talked about how health teach can differentiate themselves in an increasingly competitive markets, and sharing experiences in engaging investors.

“Fundraising in Silicon Valley and New York is a very different experience than fundraising in this part of the world. I have to say that the gap is getting closer,” Tee said.

“In the US, you are looking at what kind of benchmarking data that investors have. You’re looking at 10-20 years; most of them has that sample size as well. Here is a little bit more nascent … from all sectors of tech, not just healthtech,” she explained.

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