Dialogue secures $ 43 million in funding

The three co-founders of Dialogue (left to right): Chief Information Officer Alexis Smirnov, CEO Cherif Habib and Chief Strategy and Product Officer Anna Chif. (Photo: courtesy)

Montreal-based telemedicine services company Dialogue continues to grow with funding of $ 43 million, of which $ 32.7 million comes from Sun Life.

An amount that the company wants to use to make a few acquisitions in its sector and improve its service offering.

“We believe there is going to be a lot of consolidation in the virtual health industry in Canada. We are the Canadian leader on the revenue side and we want to use some of the money to buy smaller players, ”said Dialogue CEO Cherif Habib.

Mr. Habib adds that the company offers virtual consultations for everything related to primary health and mental health. He believes more health services can be virtualized, adding that it is still too early to name which ones will be added in the near future.

The leader contends that the COVID-19 pandemic has helped propel Dialogue’s growth to another level. Without revealing any figures, Mr. Habib confides that the company’s revenues have doubled between 2018 and 2019, while they are expected to quintuple this year.

“The COVID-19 pandemic really accelerated our development, because people could no longer go to the clinic. Telemedicine has become a service that everyone uses, ”he says.

The company has 350 full-time employees in offices in Montreal, Toronto, Calgary, Munich and Berlin. It also has a team of 700 part-time health professionals. Of the number, 500 people have been recruited since March.

Dialogue directly serves 1,000 employers, including Sobey’s, National Bank, PSP Investments, WSP, BRP, Ubisoft and Power Corporation of Canada. Through partners like Sun Life, it also indirectly serves 25,000 employers. In total, its service is accessible to 5 million Canadians.

“We don’t offer our services directly to consumers. To use our platform, individuals must be employed by a client company, ”says Habib.

In addition to Sun Life, the financing round also includes investors already present in Dialogue’s capital, including the Caisse de depot et placement du Québec, Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures and Walter Ventures.

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