The number of seed funds raised by startups in Africa keeps rising by the day.
And it is a pleasure seeing that every industry is advancing with the aid of technology, and problems are being solved.
The health sector is not left out of this development.
During the Covid period, the use of online platforms aided the administration of the health sector.
Everyone was at home, but the sector needed to run.
Many businesses sprang up from this: virtual care, health platforms, telemedicine, drug deliveries, etc.
When the pandemic went down, many discovered the efficacy of these platforms, which triggered investors into the sector.
There have been many announcements of seed funds raised in the sector, and there will be many more to come.
The latest of this beneficiary startup is a US and Nigerian based health tech company.
Interestingly, the startup Reliance Health raised the highest seed fund to enter Nigeria and Africa.
They raised a $40 million seed fund in a Series B funding.
It aims at improving the healthcare system and quality for Nigerians and US.
General Atlantic, a US-based investor, led the seed fund alongside others like Partech, Picus Capital, Tencent Exploration, Africa Healthcare Master Fund, P1 Ventures, Laerdal Million Lives Fund and M3 Inc.
A lot was said about the funding, its plans and how it can contribute to the health sector.
Also, the funding became part of the list of first-timers investors in the past years.
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What Reliance Health said
The company’s mission is to use technology to provide quality health.
It would be accessible and affordable, which are some key problems in the healthcare system in Nigeria.
By doing this, the company would also give and guide people to receive the best healthcare.
Some of the healthcare would be provided by Reliance health, and others would be third party service providers.
“Our mission is super simple, but the execution is sometimes more difficult than that, So essentially what we’re trying to do is to use technology to make quality health care accessible and affordable in emerging markets.
“Essentially, what we try to do is to get guide people to the best option in terms of the care that can be received and regardless of whether that option is provided by a third-party partner or us, we are more concerned with how we work with the customer to guide them to the best option when it comes to accessing the healthcare data,” said Femi, CEO and Co-founder.
Also, there are plans to build more healthcare clinics in Abuja and Port Harcourt, hire more talents and buy new products.
General Atlantic, the lead investor, also said
They are thrilled about their partnership with Reliance Health.
And they align with the mission of the company providing quality, accessible and affordable care for Nigerians and abroad.
“General Atlantic is thrilled to announce our first technology investment in Africa in Reliance Health, backing a team focused on improving healthcare quality for millions of patients in Nigeria and abroad. We have been consistently impressed by Femi and Ope, who exemplify the entrepreneurialism and innovation we see across the African continent.”, Chris Caulkin, the Managing Director of General Atlantic and head of EMEA Technology, said.
About Reliance Health
In 2015, the company was founded by Femi, Opeyemi Olumekun and Mathew Mayaki; they launched Kyangpe.
And later pivoted to Reliance after a clear head of the market; there was still a lot they were missing out on then.
As of 2016, it started using an integrated process to provide health services in partnership with hospitals and health facilities.
In 2017, the startup had secured a Ycombinator seed fund of a total of $48 million after three rounds.
It secured a Series A funding of $6 million three years later.
Reliance health is on a mission to change the health sector in Africa, and this is quite obvious with its growth.
and then