Dublin-headquartered health-tech firm WebDoctor has received a €3m investment from private equity investor VentureWave Capital.

The investment gives the company, which was founded in 2013, a valuation of €48m.

WebDoctor offers a platform for health practitioners to connect with their patients, allowing them to conduct video consultations or arrange home-based tests for a range of conditions.

It says it has processed more than three million bookings since its establishment, and has more than 350,000 Irish patients registered to the GPs using its platform.

Demand for its services has risen significantly since the onset of the pandemic, with WebDoctor reporting a 75% increase in revenue in 2020 when compared to the previous year.

It says it plans to use VentureWave's investment to accelerate its international expansion plans, while also building its sales, marketing, product and technology teams.

"VentureWave Capital’s investment comes at a pivotal time for WebDoctor, enabling us to meet the exponential growth of the telehealth market and operate on an international scale," said WebDoctor CEO David Crimmins.

"This is an exciting time for the company and we look forward to the further development of both our B2C and B2B offerings in the short term," he added.

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"Our global and Irish investors are committed to backing great companies that generate both financial and social returns," said VentureWave Capital managing partner Kieran McLoughlin.

"Together with David and the WebDoctor team, we have set significant Impact goals for the next 10 years including serving 15 million patients and supporting 500 healthcare professionals seeking flexible work.

"WebDoctor's business is aligned with our fundamental objective of generating profit with a purpose."