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South Africa’S Recomed Raises $1.5M To Scale Its Online Healthcare Marketplace

South Africa’S Recomed Raises $1.5M To Scale Its Online Healthcare Marketplace

10/27/21, 11:11 AM
Money raised
$1.5 million
Round Type
seed
South African online healthcare marketplace RecoMed has raised a $1.5 million financing round, the company confirmed to TechCrunch.

Company Info

Company
Reco Med
Additional Info
South African online healthcare marketplace RecoMed has raised a $1.5 million financing round, the company confirmed to TechCrunch. RecoMed says the firm invested $1 million; the rest shared between existing investors Japanese but Africa-focused VC firm AAIC, Growth Grid Venture Capital Partners and Kenyan-based Push Ventures. Health insurers such as Discovery have adopted RecoMed to power digital healthcare bookings into doctors, clinics and other health professionals for their members, the company said. The startup says it powers over 200,000 bookings per month, which has grown 700% in 18 months. Although RecoMed did not raise the kind of eye-popping investments seen from its counterparts in other parts of the world, the company has benefited business-wise, positioning itself in assisting large corporates in conducting vaccinations across South Africa. In addition to new product releases, RecoMed is also targeting further geographic expansion, with the company launching in Kenya in January 2022. For enterprises, RecoMed is white-labeled to allow booking and telehealth functionality for patient customer groups.