March 20, 2021 – Winter Capital Partners completed the acquisition of a 20-percent stake in DocClub, an online professional development platform for health professionals. The company plans to use the capital to expand business in major Russian cities.
The Russia-based startup develops medical simulators with the aim of reducing medication errors. The core product of the service is Doctor's Simulator, an online diagnosis and treatment tool, based on data from real patients and helping medical professionals to gain practical experience using virtual examples.
The funding round followed a pilot project conducted by DocClub in the Yaroslavl region, where 107 out of 150 registered neurologists had joined the online platform in two months. The company intends to use the fresh capital to expand in Russian cities with a population of over one million, where it hopes to attract more than 4,500 of medical specialists.
World Health Organization (WHO) estimates the global annual cost of medication errors at $42 billion, or almost 1% of total global health spending. Virtual educational services are expected to be in-demand in the Russian medical community amid the general trend of rising complaints against doctors. In addition, the Covid-19 pandemic and staff shortages have pushed the risk of professional burnout and fatigue among medical specialists, thus increasing the likelihood of medication errors.