Ten years after its birth, Top Doctors has found the formula to substantially increase business size. The Barcelona startup broke into the market as one of the first online medical appointment platforms. Over the years, it gained notoriety due to its strict selection process – it rejects 80% of the candidates – and expanded into the international market. Adding its presence in eight countries – Spain, the United Kingdom, Italy, Mexico, Chile, Argentina, Colombia and Saudi Arabia – the platform has managed to attract a total of 250 million patients.
Despite its brand recognition, the company has found a more luscious business: selling software to hospitals and other health centers. "As a result of the pandemic, we saw a great opportunity in digitizing the management of the clinics and now this business already contributes 95% of the income," explains Alberto Porciani, co-founder of the company together with Lorena Bassas. The company works for the main public and private hospitals in Barcelona, a formula that it exports to the rest of the countries where it operates.
With this business model, Top Doctors closed the 2022 financial year with revenues of 18.5 million euros, compared to 14 million in 2021, and this year it plans to increase the figure by 50%.
“We are going to grow organically but we also plan to invest around 4 million in three acquisitions of healthcare software companies. It is a formula that we started in 2020 with the purchase of a laboratory digitization company, as well as the Top Farma platform, which digitizes pharmacies and invoices around 2 million euros within the group”, explains Porciani, who expects to achieve the benefit net the year 2025.
To carry out its expansion plan, the company has risk capital to invest. Throughout its history it has raised around 20 million euros, 11 million of which in an investment round closed in 2021. The last operation was led by the Impact Partners fund and the ICF. Another of the company's historical partners is the American firm Castle Connolly.
Due to the restructuring of the business, the company has had to increase the workforce. Last year it incorporated 150 people, reaching a team of 415 workers. And this year it plans to incorporate 70 more employees. The company's operational headquarters are in Barcelona, the headquarters in Madrid and the holding company in the United States (due to Castle Connolly's requirements).