Creadev leads investment in Ugandan telemedicine company
Uganda-based integrated telemedicine player Rocket Health has closed a $5 million series A round led by Creadev, an evergreen investment structure backed by the Mulliez, a French family of entrepreneurs, with participation from existing early-stage African investors, Grenfell Holdings and LoftyInc Capital Management. This investment will allow Rocket Health to accelerate its technology roadmap and geographical expansion to make healthcare more convenient, accessible and delivered to patients wherever they are.
Creadev Africa is part of Creadev, a global long-term investment firm controlled by the Mulliez family, founders of one of the largest business-to-consumer retail platforms in the world (Auchan, Decathlon, Leroy Merlin). Since 2002, Creadev has invested over $2 billion from venture to growth equity and buyout. With offices in Paris, Nairobi, New York and Shanghai, Creadev invests in companies well positioned to scale and become worldwide champions in their respective sectors.
Rocket Health is leveraging technology to offer patients a safe end-to-end medical journey, from teleconsultation to e-pharmacy, e-laboratory and in-person clinical care. Headquartered in Kampala, Uganda, the company provides access to high-quality medical professionals 24/7 at an affordable entry point – as low as $3 per consultation. Tailor-made offerings are distributed in partnership with health insurance companies, via subscriptions for families and chronic patients, employer coverage plans and also available via out-of-pocket payments. Patients can save up to 70% on the cost of care per encounter versus traditional brick-and-mortar outpatient care, and spend up to 3.5 hours less in waiting time.
Over past years, Rocket Health’s five co-founders have successfully led the company to become the leading telemedicine player in Uganda, currently serving over 25,000 individual patients. And this is just the beginning, the company is well positioned to deploy its integrated solution throughout the country and across the continent.
Davis Musinguzi, Rocket Health CEO and co-founder, said: “Rocket Health is on a quest to make quality primary healthcare accessible, affordable and convenient to achieve the best outcomes for as many Africans as possible through the exponential power of technology. We’re elated that the investment thesis of Creadev and the Mulliez family resonates deeply with this timeless vision of the Rocket Health founding team. Together, we shall build a sustainable digital healthcare value chain down to the last mile across Africa.”
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