South Africa: Healthcare platform secures investor backing
RecoMed, an online healthcare marketplace and booking platform in South Africa, recently concluded a funding round of R21 million (about $1.4 million) with a group of local and international investors.
The round was led by Vunani Fintech Fund – an investment vehicle focused on digital and tech-based solutions – which made an investment of $1 million, the equivalent of R15 million. The round also included existing RecoMed investors AAIC (a Japanese private equity and venture capital fund focused on African investments), Growth Grid Venture Capital Partners and Push Ventures based in Kenya.
RecoMed, a fully South African-founded and driven company, developed the country’s most rapidly evolving health tech platform that enables digital patient bookings into healthcare facilities around South Africa, driving new business for healthcare providers. RecoMed’s unique combination of industry wide integrations and experience working with various healthcare provider groups has positioned it as the leader in the healthcare booking market, gaining it enterprise customers including Discovery, Mediclinic, Dis-Chem and Medicross.
RecoMed recently collaborated with healthcare industry giants Discovery Health and Mediclinic, assisting them in powering their separate Covid-19 vaccine booking platforms, where over 550,000 bookings have collectively been made.
“This successful round of funding has powered our continued growth to over 150,000 bookings per month, and significantly boosts our ability to launch the new products. We are facilitating over R250 million (about $16.5 million) of healthcare spend annually. Our key partners have bought into our innovative methodology of connecting practitioners and patients, not only because of our integrations with most practice management applications, but due to our aggregation of the largest selection of healthcare industry providers into a single platform with instant booking capability. Whether a patient is looking for a convenient doctor appointment or the Covid-19 vaccine jab, we make it simple and easy to do,” comments RecoMed CEO, Sheraan Amod.
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