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Digital Healthcare company VideoVisit secures EUR 1.5 million financing for internationalization

Press Release – VideoVisit Ltd

Free to publish: 13th May, 2019, 9:00 AM EEST

DIGITAL HEALTHCARE COMPANY VIDEOVISIT SECURES EUR 1.5 MILLION FINANCING FOR INTERNATIONALIZATION

The Finnish company VideoVisit Ltd, which develops digital outpatient care solutions for social- and health care sectors, has secured EUR 1.5 million in financing to scale its services to international markets. The additional financing consists of corporate finance received through the Business Finland Smart Life Finland – project and direct investment by Kustaa Piha’s investment company Athensmed. With this funding, VideoVisit is strengthening its international business that started 1.5 years ago by investing in global sales and developing new services for the international market. At the same time, the Annual General Meeting of VideoVisit Ltd appointed Kustaa Piha and Marika Nordlund as new representatives of the Company’s Board.

Launched in 2010, VideoVisit has become the market leader in the field of virtual care and remote healthcare services in Finland. VideoVisit’s net sales in 2018 totaled EUR 2.6 million, and the 2019 forecast is expected to reach EUR 3.1 million. The company’s strong position as a pioneer in the Finnish healthcare field creates a solid foothold for internationalization:

– I am glad that our family business has received funding in cooperation with our customers and Business Finland to anchor us more firmly in international waters. Kustaa’s unique expertise in the field together with VideoVisit’s specialized expertise is part of our current and future success story, says Esa Ojala, Founder and Chairman of the Board of VideoVisit.

The comprehensive remote care service platform for social and healthcare service providers covers more than 100 municipalities and hospital districts domestically in Finland. The Remote Care service provided by VideoVisit has proven to be a cost-effective solution for delivering services to geographically broad areas. For example, in home care, the VideoVisit® service has proven to be up to 85% more cost-effective than a traditional physical home visit at home. In Finland, the VideoVisit® service solutions have already made over one million remote care sessions.

– VideoVisit is an advanced technology company whose services bring significant added value to customers. The company is on a healthy footing, which has been guided by the grounded and practical business attitude, combined with the highest goals. VideoVisit has distinguished itself from other companies in the industry. It is a pleasure to be part of this company and to give my support for the company’s internationalization, says Kustaa Piha.

The cost pressures in health care due to aging population, the rise of chronic diseases and limited care resources are global problems. The Remote Care Service developed by VideoVisit provides a solution to these challenges, so the company has excellent growth potential in the international market.

– It has been fascinating to be part of VideoVisit’s internationalization process within a couple of years, and promising results have been achieved in the Gulf area and Japan, says Meria Heikelä from Business Finland.

– It’s great that the company continues to work with us in the Smart Life Finland program. The program promotes the use of digital solutions in changing health care and everyday life, and is an excellent platform for a company like VideoVisit, continues Heikelä.

In international markets, VideoVisit currently has local operations in Japan, Australia, Iberia, and the Baltic countries. Also, the company is currently negotiating new customer deliveries to the Netherlands, Austria and the Middle East. With the help of the finance that has been secured, VideoVisit aims for a stronger international market position by strengthening its sales organization and launching new solutions and services for the global market.

For more information:

Esa Ojala
Founder & Chairman of the Board, VideoVisit Ltd
+358 44 045 1842
esa.ojala@videovisit.fi

Repe Harmanen
CEO, VideoVisit Ltd
+358 40 046 7717
repe.harmanen@videovisit.fi

Kustaa Piha
CEO & Investor
Athensmed Oy
+358 50 359 6835
kustaa.piha@athensmed.fi

VIDEOVISIT
In 2010, VideoVisit Ltd is a Finnish company focused on customer-oriented remote care solutions. VideoVisit develops and provides a comprehensive remote care service that enables healthcare services to be delivered home regardless of time and place. The service offers solutions such as virtual care, video and chat-based online doctor appointments, online doctor consultation, and remote diagnostics. VideoVisit operates in Finland as a framework contract supplier through KL-Kuntahankinnat and Istekki Ltd framework agreements in the public health sector. Over 100 municipalities and hospital districts use the service in Finland (05/2019). In the international market, VideoVisit operates in Japan, Australia, Iberia, and the Baltic countries.

KUSTAA PIHA / ATHENSMED
Kustaa Piha is the founder and former CEO of Med Group Oy. Nowadays, Piha invests in health service companies and growing health technology companies through its investment company Athensmed, and acts on the boards of companies. Other investments of the company include: Omaeläinklinikka, Komppi, Klinik Healthcare Solutions and Kaiku Health.