nline medical booking service HealthEngine is set to unveil a third big name venture capital backer, as part of a series C funding round.

Street Talk can reveal that HealthEngine is currently before potential investors, seeking a $10 to $20 million equity injection in a deal that would value the company at north of $100 million.

It’s understood HealthEngine has already secured the support of at least one high-profile backer, which would join the register alongside fellow heavyweights Telstra Ventures and Seven West Media.

The company has told prospective investors that funds raised would be put towards national expansion. As it stands, HealthEngine’s doctors, dentists and allied health booking services are only available in Sydney, Melbourne, Perth and Brisbane.

The raising is expected to be wrapped up in the next fortnight and, if successful, would have HealthEngine fully funded for the national rollout.

HealthEngine looks like one for investment bankers’ little black books, with the shareholders no doubt targeting a sale or initial public offering in coming years should everything go to plan.

The company was co-founded by Marcus Tan and Adam Yap, who line up as chief executive officer and head of product and engineering, respectively.

It is overseen by Pat O’Sullivan, a non-executive director at Ltd and former PBL Media chief operating officer, and has a host of other well-known investors including Lux Group’s Adam Schwab and Carsales’ Greg Roebuck.

The raising comes after another $10 million funding round in 2014, and the seed round which saw Telstra Ventures and Seven West emerge with a stake one year earlier.


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