Reliance Health, a Nigerian e-health startup, has completed a US$40 million Series B investment round, bringing the company’s total secured funding to US$48 million.
AAIC, P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvantis Social Foundation are among the investors in the round, along with General Atlantic and Partech.
As a telemedicine-focused business named Kangpe, Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki launched their company Reliance Health in 2015 with the goal of better serving patients’ complex and changing healthcare requirements.
“Private initiatives generally overlook healthcare in emerging nations because the problem is so complicated to handle. With the opportunity of new breakthroughs, we at Reliance Health believe we can tackle these difficult problems and perhaps help healthcare in emerging economies catch up to healthcare in more developed countries. With our investors, we hope to provide healthcare to previously unreachable regions and save lives all around the world, says Reliance Health CEO and co-founder Femi Kuti.
“General Atlantic is happy to announce our first technology investment in Africa in Reliance Health, backing a team focused on enhancing healthcare quality for millions of patients in Nigeria and abroad,” said Chris Caulkin, head of EMEA technology and managing director at General Atlantic.
Reliance has so far impacted over 200,000 lives and 600 businesses with an integrated approach that includes inexpensive health insurance, telemedicine, and a combination of partner and own healthcare facilities.
Reliance Health will use the funds to develop its platform in emerging regions throughout the world while also introducing new products to complement its existing proprietary technology, facilities, and relationships. Reliance would also use the capital to hire more top-tier employees.
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