South African telemedicine company attracts investment from AlphaCode and Endeavor
Guidepost, a South African telemedicine company, has received joint investment from AlphaCode, the fintech investment arm of Rand Merchant Investment Holdings (RMI), and the local investment fund of Endeavor, a global entrepreneur network.
The Guidepost technology platform links people with diabetes to expert clinicians who provide remote one-on-one individualised diabetes education and coaching that reduces blood sugar levels and improves health outcomes. The company has been innovating in the telemedicine space since 2012 and has grown rapidly into a national network serving health insurers, life insurers and pharmaceutical companies.
“Covid-19 is far more serious for people with chronic conditions like diabetes and hypertension” says Professor David Segal, chief medical officer and co-founder of Guidepost. “A recent study by the provincial health department in the Western Cape found that diabetes was a factor in more than half of the province’s 2,000 Covid-19 deaths of people older than 20. As the risks related to chronic conditions are now more ‘real’, people are more aware of the risks and are taking the management of their chronic conditions seriously. They are looking to digital healthcare services such as telemedicine as safe, effective and efficient ways of managing their conditions.”
”We believe in the work being done by Guidepost and continually invest in the technical tools that are enabling a technologically advanced future for our country. Guidepost has demonstrated its ability to reduce claims costs for clients and improve the lives of thousands of diabetics and we’re excited to support the growth and development of their services locally and internationally through this second-round investment. We also believe that the skilled leadership team could roll out this methodology for other diseases and chronic conditions,” says Dominique Collett, senior investment executive at RMI and head of AlphaCode.
Managing director at Endeavor South Africa, Alison Collier added, ”Endeavor supports high-impact entrepreneurs that are scaling their business rapidly, and looking to grow to be the market leader in South Africa and expanding internationally. We’re delighted to be investors in Guidepost, helping a South African success story to scale their business globally leveraging Endeavor’s strong local and international mentor base. Guidepost’s service is particularly relevant given the Covid-19 crisis – offering diabetic patients improved healthcare while simultaneously reducing the total care cost for these patients as patients using Guidepost are healthier.”
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