RecoMed, an online healthcare marketplace from South Africa, has reportedly announced that it has raised over $1.5 million in a financing round, led primarily by Vunani Fintech Fund, a South Africa-focused VC firm.
According to reports, the round also saw participation from AAIC, an African-focused Japanese VC firm, Growth Grid Venture Capital Partners, and Push Ventures, a Kenya-based firm. RecoMed has reported that Vunani Fintech Fund has invested $1 million, while the rest of the funding was shared between the aforementioned existing investors.
With the funding, the company is planning addition of new integrated product on its platform by 2022, including integrated online medical payments and e-pharmacy service for delivering prescription medication across the country. Along with new product releases, RecoMed will be launching in Kenya as well, hoping for further geographic expansion in Africa, by January 2022.
Mark Anderson, director of Vunani Fintech Fund, stated that the firm is optimistic regarding RecoMed’s market approach to address South Africa’s identified market needs, providing low-cost and scalable solutions. The company is confident that the latest round of funding will help towards promoting better efficiencies within the health ecosystem, benefitting all stakeholders.
Established in 2013 by Sheraan Amod, RecoMed claims to be the largest and fastest-growing healthcare booking platform in South Africa, with over 200,000 bookings catered each month. The number of bookings has seen 700% growth in 18 months.
Amod refers to the company as the “booking.com for healthcare”, where patients can search for healthcare professionals across the country and book telehealth appointments, whether physical or virtual.
RecoMed hosts over 2,500 contracted health providers on the platform while serving more than 1 million customers annually and has positioned itself in assisting large corporates like Discovery Health and Mediclinic in conducting vaccination for COVID-19 across South Africa. It has been reported that the firm has helped with over 550,000 bookings since last year.