Reliance Health, an emerging markets-focused digital healthcare provider, has announced the completion of a $40 million Series B funding round led by General Atlantic, a global growth equity investor.
Participants in the deal include Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvantis Social Foundation.
Digital Times understands that with this funding, Reliance Health has successfully closed the largest Series B round in the African HealthTech industry to date.
The newly-established partnership also marks General Atlantic’s first technology investment in Africa.
To date, Reliance Health has raised $48 million in total funding, including a $6 million Series A funding round in January 2020 led by Partech, with participation from Y Combinator, LoftyInc Capital, Golden Palm Investments, Ventures Platform, and Picus Capital.
Femi Kuti, CEO and Co-founder, Reliance Health said, “Healthcare in emerging markets is often overlooked by private initiatives because it’s an extremely complex challenge to solve.
“At Reliance Health, by leveraging new innovations to break the constraints of legacy solutions, we believe there is an opportunity to solve some of these tough problems and even for aspects of healthcare in emerging markets to leapfrog to other parts of the world.
“We are excited to work with our investors towards bringing affordability and accessibility in healthcare to underserved markets, ultimately saving lives around the world.”
Reliance Health uses technology to bring more affordable and accessible healthcare to leading companies in emerging markets including Biersdorf Nivea, Jumia, PWC, Merrybet, Regus, and others.
The healthcare provider has averaged 3.5x YOY revenue growth and offers an integrated approach that includes flat fee healthcare plans, telemedicine, prescription delivery, and a combination of partner and proprietary healthcare facilities in one single platform with one single fee.
Headquartered in Lagos, Nigeria and Austin, Texas, Reliance Health began operations in Nigeria in 2015 as a telemedicine-focused startup, Kangpe, founded by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki, and later expanded into a single-fee healthcare provider to better address the complex, evolving needs of patients.
Chris Caulkin, Head of EMEA Technology and Managing Director, General Atlantic said, “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. We look forward to sharing our experience as a leading global growth equity investor in support of Reliance Health’s exciting and important mission.”
This new Series B investment will accelerate Reliance Health’s efforts in expanding the platform in emerging markets around the world while adding new products that complement existing proprietary technology, facilities, and partnerships. Reliance will also leverage the funds to hire additional top talent.
Tidjane Dème, General Partner, Partech noted: “We led Reliance Health’s Series A because we saw a team that combines great vision with superb execution. They have proven this by delivering a product that is successful with large corporations as well as micro-businesses, opening up access to healthcare for underserved segments of the population.
“All of the Partech team feels proud and excited to see top global investors join the company as it scales in Nigeria as well as new markets.”
