MediQuo Company Profile

Background

Overview

MediQuo is a Barcelona-based telemedicine startup founded in 2017 by Dr. Guillem Serra, a physician and mathematician, along with Albert Castells and José López, co-founders of iSalud.com. The company offers a mobile application that enables users to consult with healthcare professionals via chat, call, or video call, aiming to provide accessible and efficient medical care. By 2023, MediQuo had over one million registered users and managed approximately 1.5 million consultations annually.

Mission and Vision

MediQuo's mission is to revolutionize healthcare communication by offering a platform that connects patients and professionals seamlessly, ensuring confidentiality and compliance with regulations like the European GDPR. The vision is to place a hospital in every person's pocket, making medical consultations accessible anytime, anywhere.

Industry Significance

Operating in the digital health sector, MediQuo addresses the growing demand for telemedicine services, particularly in Spain and Latin America. The company has established itself as a leading eHealth app in these regions, contributing to the digitalization of healthcare and improving patient access to medical professionals.

Key Strategic Focus

Core Objectives

Expansion in Latin America: MediQuo aims to double its sales in Latin America by 2024, with projections to exceed €3 million in revenue.

Enhancing Service Offerings: The company focuses on providing continuous outpatient care through instant messaging, video consultations, digital appointments, medical prescriptions, and maintaining comprehensive medical records.

Areas of Specialization

Telemedicine Services: Offering 24/7 access to healthcare professionals across various specialties, including general medicine, pediatrics, gynecology, dermatology, cardiology, psychology, nutrition, and personal training.

Healthcare Communication Platform: Providing a secure and efficient platform for patient-professional communication, ensuring confidentiality and compliance with health data regulations.

Key Technologies Utilized

Mobile Application Development: Developing user-friendly mobile applications compatible with Android and iOS platforms to facilitate easy access to healthcare services.

Secure Messaging Systems: Implementing encrypted messaging systems to ensure secure communication between patients and healthcare professionals.

Video Consultation Tools: Integrating video conferencing capabilities to enable remote consultations, enhancing accessibility and convenience.

Primary Markets Targeted

Spain: Serving a significant user base with a focus on expanding the reach of telemedicine services.

Latin America: Targeting countries such as Brazil, Ecuador, Mexico, and Argentina, with plans to establish partnerships and expand the user base.

Financials and Funding

Total Funds Raised

MediQuo has secured approximately €11.84 million in funding over multiple rounds.

Recent Funding Rounds

April 2021: Raised €2.3 million from Encomenda Smart Capital, Dozen Investments, and angel investors from Spain.

April 2021: Closed a €1 million round led by the Mexican laboratory Silanes, marking the company's entry into the Mexican market.

Notable Investors

Encomenda Smart Capital: A Barcelona-based venture capital firm that participated in the April 2021 funding round.

Dozen Investments: An investment platform that also participated in the April 2021 funding round.

Silanes: A Mexican pharmaceutical company that led the €1 million funding round in April 2021, facilitating MediQuo's expansion into Mexico.

Utilization of Capital

The funds have been utilized to:

Expand Operations: Enhancing service offerings and increasing the user base in existing markets.

Market Expansion: Facilitating entry into new markets, particularly in Latin America, through strategic partnerships and localized services.

Product Development: Improving the mobile application and integrating additional features to enhance user experience.

Pipeline Development

Key Pipeline Candidates

MediQuo PRO: A platform aimed at healthcare professionals, enabling them to manage online consultations for their patients and app users.

Stages of Development

Product Launch: MediQuo PRO was launched in early 2020, targeting a total of 14,000 health professionals and aiming to manage 1.5 million patient consultations within 15 months.

Target Conditions

General Healthcare: Facilitating consultations across various medical specialties, including general medicine, pediatrics, gynecology, dermatology, cardiology, psychology, nutrition, and personal training.

Anticipated Milestones

User Acquisition: Achieving a user base of 14,000 health professionals.

Consultation Management: Managing 1.5 million patient consultations within 15 months of launch.

Technological Platform and Innovation

Proprietary Technologies

Secure Messaging System: A chat-based platform compliant with GDPR and health data regulations, ensuring secure communication between patients and healthcare professionals.

Video Consultation Tools: Integrated video conferencing capabilities to facilitate remote consultations, enhancing accessibility and convenience.

Significant Scientific Methods

Data Encryption: Utilizing advanced encryption methods to protect patient data and maintain confidentiality.

User Behavior Analytics: Analyzing user interactions to improve service offerings and user experience.

Leadership Team

Guillem Serra: CEO and Co-founder. A physician and mathematician with an MBA from IESE Business School, Dr. Serra has deep knowledge in eHealth, MedTech, and early-stage startups.

Bruno Cuevas: Co-CEO. Former Vice President of Global Markets at Adevinta/Schibsted, Cuevas has experience in developing and managing international marketplaces.

Albert Castells: Co-founder and Partner. Co-founder of iSalud.com, Castells brings expertise in digital health and online marketplaces.

José López: Co-founder and Partner. Also a co-founder of iSalud.com, López has a background in digital health and entrepreneurship.

Competitor Profile

Market Insights and Dynamics

The digital health sector, particularly telemedicine, is experiencing rapid growth, with projections indicating a potential worth of up to USD $20 trillion by 2024 in Latin America.

Competitor Analysis

MeMD: Founded in 2010, MeMD offers telehealth services and competes in the healthcare communication space.

Mediktor: Established in 2011, Mediktor provides AI-driven medical triage solutions, positioning itself in the digital health market.

Eden Health: Founded in 2016, Eden Health offers integrated healthcare services, including telemedicine, and operates in the health services sector.

Halo Health: Part of symplr, Halo Health provides communication solutions for healthcare professionals, competing in the healthcare communication space.

Strategic Collaborations and Partnerships

Asisa: A Spanish insurer that selected MediQuo as its service provider, enhancing MediQuo's presence in the Spanish market.

Algar Telecom: A Brazilian telecommunications company that partnered with MediQuo to offer its services in Brazil, marking MediQuo's entry into the Brazilian market.

Operational Insights

MediQuo differentiates itself through its user-friendly mobile application, secure messaging system, and comprehensive service offerings, positioning itself as a leading telemedicine provider in Spain and Latin America.