14 May 2019   |   Network update from Business Finland
These updates are republished press releases and communications from members of the Science|Business Network

Digital healthcare company VideoVisit secures €1.5 million financing for internationalisation


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 program 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.

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.

This release was first published 13 May 2019 by Business Finland. 

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