NIGERIA – Reliance Health, a Lagos and Texas-based digital healthcare provider, has raised US$40 million series B funding to fuel its healthcare expansion in emerging markets around the world.
The funding comes two years after the company raised US$6 million in a Series A round in January 2020.
Reliance uses an integrated approach to provide affordable health insurance and telemedicine via a combination of partner and proprietary healthcare facilities.
In addition, it has an app where customers can chat with a doctor, find healthcare providers near them to visit or get medications from and manage the delivery of their drugs.
The platform allows users to access an integrated suite of healthcare products via subscriptions.
It has RelianceHMO, the company’s health insurance plan, where individuals can select monthly, quarterly, or yearly health plans ranging from ₦3,500 (US$7.00) to ₦148,500 (US$297.00).
Moreover, businesses can make subscriptions on behalf of their employees through slightly cheaper plans than used by retail customers.
The General Atlantic led the series B funding with other participants such as Picus Capital, Tencent Exploration, Ventures, Laerdal Million Lives Fund, Arvantis Social Foundation among others.
In addition, General Atlantic has announced its first technology investment in Africa in Reliance Health to improve healthcare quality for millions of patients in Nigeria and abroad.
Reliance Health will use a part of the funding to build new clinic facilities in two Nigerian cities namely Abuja and Port Harcourt.
The investment will accelerate the company’s efforts to add new products that complement existing proprietary technology, facilities and partnerships as well as leverage the funds to hire additional top talent.
“Based on frequent usage, Reliance for instance could suggest lifestyle changes if a customer was diagnosed with diabetes and make hospital referrals if a user spent hours on the line at his last visit to the clinic,” said Femi Kuti, Reliance Health CEO.
Some Reliance Health products are provided directly through its telemedicine platform, drug delivery system as well as two clinics based in Lagos, Nigeria.
Others are provided via third-party partners such as hospitals, diagnostic centers, and pharmaceutical centers.
“Reliance Health partners with investors to bring affordability and accessibility in healthcare to underserved markets which ultimately saves lives around the world,” said Femi Kuti.
The healthtech company plans to expand into new markets with Egypt being top of that list as it eyes other countries before end of year.
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