Singapore’s Foundation Healthcare Seeks Funding Round to Raise Over US$100 Million
Singapore’s private healthcare group, Foundation Healthcare Holdings, is planning a funding round that could raise more than US$100 million, valuing the company at over S$1 billion, according to sources familiar with the matter.
Funding Talks Underway
The company is in talks with at least one adviser about the funding round, which comes after receiving interest from potential investors, the sources said. The funding round could be a precursor to a potential initial public offering (IPO) on the Singapore Stock Exchange in a few years.
Growing Interest in Healthcare Sector
The plan comes as healthcare assets across Southeast Asia gain favor with investors, who are betting on the region’s growing affluence and ageing population, as well as the sector’s potential to weather challenging economic conditions. IHH Healthcare, an operator of private hospitals in Asia, recently announced the acquisition of Malaysian private hospital chain Island Hospital in a deal valuing the latter at RM3.92 billion ringgit (S$1.2 billion).
Company Background
Founded in 2023, Foundation Healthcare has grown to have 91 specialists, two medical centers, and 67 clinics in Singapore, according to its website. The company is backed by SeaTown Holdings, an indirect unit of Singapore’s state investor Temasek Holdings, as well as venture capital firm East Ventures and Indonesian conglomerate Emtek, according to a press statement in December 2023.
Funding History
The company had raised more than S$400 million in debt and equity to fund its acquisitions, the statement said at the time.
Conclusion
The planned funding round is a significant development in the company’s growth story, which has seen it establish itself as a major player in Singapore’s private healthcare sector. With a strong track record of growth and a solid funding history, Foundation Healthcare is well-positioned to continue its expansion plans.
FAQs
Q: How much funding is Foundation Healthcare seeking?
A: The company is planning to raise more than US$100 million.
Q: What is the potential valuation of Foundation Healthcare?
A: The company could be valued at over S$1 billion.
Q: What is the purpose of the funding round?
A: The funding round could be a precursor to a potential IPO in a few years.
Q: Who are the backers of Foundation Healthcare?
A: The company is backed by SeaTown Holdings, East Ventures, and Emtek.
