A seed round of investment has been completed by a Nigerian medical startup called Reliance Health, and the company is in the process of building two more clinics in Abuja and Port Harcourt. The company is also developing a drug delivery system and a telemedicine platform.
Investors in the seed round
Reliance Health, a digital healthcare provider, recently secured a $40 million Series B funding round. Led by General Atlantic, the investment is the largest health tech investment in Africa. It will allow the company to expand into new markets and add to its product suite. The firm uses an integrated approach to provide health care, including telemedicine, prescription drug delivery, and proprietary and partner healthcare facilities.
The company provides services in Nigeria and Austin, Texas. Using data science and technology, the company is transforming the healthcare experience for its customers. Since its founding in 2015, Reliance Health has impacted over 200,000 lives. By providing affordable healthcare, the company has transformed the way tens of thousands of people access healthcare in emerging markets.
Founded by Femi Kuti and Opeyemi Olumekun, Reliance Health provides a variety of services. The firm offers a monthly and quarterly health plan, as well as a health insurance plan. Reliance also utilizes a combination of partner and proprietary healthcare facilities.
Revenue growth from 2016 to 2018
Reliance Health is a digital healthcare startup based in Austin, Texas, with offices in Lagos, Nigeria. The company uses technology to provide affordable health care to leading companies in emerging markets. Its offerings include telemedicine, prescription drug delivery, and medical facilities. One of its latest projects is a mobile app that uses artificial intelligence to help diagnose patients. For corporate clients, it runs a B2B and B2C business model.
Reliance Health has been around since 2015 as Kangpe, a telemedicine startup. In its early days, it specialized in one-on-one telemedicine. As its business grew, it expanded into other health-related endeavors, including single-fee healthcare providers. Although it is currently operating in two Nigerian cities, it plans to enter other African markets and expand its presence overseas.
Plans to build two more clinic facilities in Abuja and Port Harcourt
The Nigerian National Petroleum Corporation has initiated a major healthcare intervention project that will improve the health of NNPC staff and reduce the risk of medical tourism. It will also provide a state of the art hospital as well as other diagnostic facilities and medical services.
The aforementioned project has a five year gestation period. It will also provide occupational health services for NNPC staff. This will have a major impact on the healthcare delivery system of the country. In addition to the aforementioned, the NNPC plans to build two more clinic facilities in Abuja and Port Harcourt.
Although the NNPC has initiated a project that will make the country a more healthy place to live, work and play, it has a long way to go before it achieves its vision. Some of the challenges include the lack of institutional capacity and lack of proper infrastructure.
Reliance Health is a digital health provider located in Lagos, Nigeria. It provides innovative solutions for emerging markets. The company uses a combination of telemedicine and proprietary facilities to deliver healthcare to customers. Their services include a telemedicine platform, affordable health insurance, and prescription drug delivery. They plan to expand to two or three countries by the end of the year. In January of 2020, Reliance Health raised $6 million in a Series A funding round.
Reliance Health received participation from Partech and Ventures Platform. Its $40 million Series B funding was led by General Atlantic. Funds from this round will support the company’s plans to expand into new markets and launch new products. Reliance plans to hire top talent and expand its product lines.
Drug delivery system
Reliance Health, a digital healthcare provider based out of Texas and Nigeria, has raised a bundle of dough. Their aforementioned telemedicine and drug delivery system are complemented by third party provider partners. In addition to their telemedicine services, they offer the aforementioned drug delivery solution, an on demand health care provider, and flat fee health plans. They also occupy two clinics in Lagos, Nigeria. With a $48 million dollar pot in the bank, they are certainly not short on ambition. The company’s latest round of funding has been led by the aforementioned General Atlantic and included participation from Partech and Tencent’s Exploration division. For now, the company operates just two clinics and is in the midst of building out its service offerings.
Reliance’s recent funding round comes on the heels of a recent series A round that saw a total investment of $6 million. A significant portion of this fund was spent on expanding their telemedicine operations in the Nigerian hinterlands. As part of this effort, the company introduced a new telemedicine-focused product called Reliance X. This new product offers patients a more personal experience via a private virtual health care consultation.