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Healthcare startup Reliance Health raises $40m in latest funding round

Healthcare startup Reliance Health raises $40m in latest funding round
Healthcare startup Reliance Health raises $40m in latest funding round

Digital healthcare startup Reliance Health, based in Lagos and Texas, has reportedly raised $40 million in its Series B round, the biggest of its kind in the African health tech sector.

The startup, founded in 2016 by Matthew Mayaki, Femi Kuti, and Opeyemi Olumekun, makes use of an integrated process to provide telemedicine and health insurance by collaborating with hospitals and healthcare facilities.

The funding round was led by General Atlantic, which is the first technology investment made by the American growth equity firm in Africa, alongside Partech, P1 Ventures, Tencent Exploration, M3 Inc, Laerdal Million Lives Fund, Picus Capital, and Africa Healthcare Master Fund.

Chris Caulkin, Managing Director, General Atlantic, stated that the firm is thrilled in announcing its first investment in Africa in Reliance Health, and support a team that focuses on improving healthcare quality for millions of patients in Nigeria and abroad.

Femi Kuti, chief executive of Reliance Health, stated that the startup plans on using the funding to construct two more clinics in the country. It also intends on hiring talent and scaling new product lines, particularly for Nigerian in diaspora.

The startup will also foray into new markets, with Egypt being on top of its list. Kuti stated that the company will enter two or three more countries before the end of the year.

In Nigeria, people have been facing two critical issues in healthcare; affordability and accessibility.

Reliance Healthcare integrated both of these concepts to offer users access to a suite of healthcare products with the help of subscriptions and has averaged a 3.5 times year-over-year revenue growth since inception.

Some of its healthcare is provided directly via its two clinics in Lagos, its telemedicine platform, and drug delivery system, while the rest is provided by third-party partners, such as hospitals, pharmaceutical centers, and diagnostic centers.

The startup operates business-to-business as well as business-to-customers models, serving 200,000 individuals in total and 600 businesses.

With the app, users are able to chat with doctors, search for nearby healthcare providers and get their medications delivered.

Source credit: https://techcrunch.com/2022/02/07/nigerian-healthtech-startup-reliance-health-raises-40m-led-by-general-atlantic/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.