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As of 2019, the market for healthcare and personal care fast-moving consumer goods (FMCG) in Malaysia was estimated to be a $10 billion industry (~RM42 billion) solely from "out-of-pocket expenditures".
Healthtech platform, Goobat, aims to aggressively capture this growing market, and is now offering investors the opportunity to own shares in the company.
Founded in 2019 by Asher Looi, Goobat aims to become the one-stop solution for everything healthcare in Malaysia.
The whole journey started with the mission of making healthcare accessible and affordable for fellow Malaysians, all while digitalising the traditional retail pharmacy industry.
In the early days, Goobat started out by launching its online platform, Goobat.care, as a means for Malaysians to purchase and deliver healthcare products efficiently to their doorstep with same/next day deliveries.
Since then, the company has also launched its very own retail outlet, and formed partnerships with multiple pharmacies across the country.
In fact, Goobat is also the first ever digital pharmacy to accept Bitcoin and other cryptocurrencies as a method of payment.
The global pandemic has not only catalyzed the need for many healthcare products, but propelled Goobat's growth to greater levels.
Since its inception, Goobat has seen growth of over 30% month-on-month, attracting over 10,000 customers across the country.
The company also carries 20,000+ different product SKUs by partnering with 500+ vendor suppliers and 900+ brands, with plans to rapidly increase the number of products it carries over time.
By utilizing comprehensive data/analytics and membership tools such as SYCARDA, Goobat has effectively been able to retain customers, all while understanding their purchase patterns over time.
At present, Goobat claims that there has been growing demand for many day-to-day items, largely due to its subscription programme that allows customers to save up to 55% on their purchases such as supplements, masks, test-kits, personal care items, and many more.
Over the past few years, Asher and his team have been thoroughly laying the groundwork for rapid expansion, ranging from franchise preparation, license acquisition, team expansion, and developing its brand presence across the country.
With the growing success of both its online and offline presence, Goobat has big plans to replicate its existing business model to more places across the country.
At present, GoObat is currently in the midst of a private fundraising round from both institutional and high-net-worth investors, with plans to subsequently raise up to RM20 million via regulated equity crowdfunding (ECF) platform, PitchIn — which will also include an additional RM1.5 million matching grant from the government (MyCIF grant).
Upon the launch of their equity crowdfunding campaign, Goobat will then be valued at $15 million (~RM63 million), a valuation significantly higher than the private round.
More details about Goobat can be found here, and interested investors can reach out to its founder, Asher Looi, via the following website.
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