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Nigerian Reliance Health closes US$40M series B funding, eyes expansion into other countries

NIGERIA – Reliance Health, a Lagos and Texas-based digital healthcare provider has raised US$40 million series B  funding to fuel its continued growth and service delivery in the continent.

The new round was led by General Atlantic and other participants including Partech, Picus Capital, Tencent Exploration, Africa Healthcare Master Fund, P1 Ventures, Laerdal Million Lives Fund, and M3 Inc.

The company was founded in 2016 by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki and will use a part of the funding to build two more clinic facilities in two Nigerian cities, Abuja and Port Harcourt.

It also intends to hire talent and scale new product lines, especially for Nigerians in the diaspora.

Reliance Health uses an integrated process to provide health insurance and telemedicine via partnerships with hospitals and healthcare facilities.

The platform has bundled both vital concepts so that users can get access to an integrated suite of healthcare products via subscriptions.

Some of that products are provided by Reliance Health directly, through its telemedicine platform, drug delivery system, and two clinics based in Lagos, Nigeria.

Others are provided via third-party partners such as hospitals, diagnostic centers, and pharmaceutical centers.

The platform operates business-to-business and business-to-customers models.

It has RelianceHMO, the company’s health insurance plan, where individuals can select monthly, quarterly, or yearly health plans ranging from ₦3,500 (US$7.00) to ₦148,500 (US$297.00).

On the other hand, businesses can make subscriptions on behalf of their employees, which are slightly cheaper than plans used by retail customers.

The healthtech has over 200,000 individuals in total from both models with the majority sticking with its business customers model.

The platform serves 600 of them, including Beiersdorf Nivea, Jumia, and PwC, while maintaining an attributable intention rate of 99%.

In addition, it has an app where customers can chat with a doctor, find healthcare providers near them to visit or get medications from and manage the delivery of their drugs.

Based on frequent usage, Femi said Reliance, for instance, could suggest lifestyle changes if a customer was diagnosed with diabetes and make hospital referrals if a user spent hours on the line at his last visit to the clinic.

The healthtech company plans to expand into new markets, with Egypt being top of that list. It eyes other two or three countries before the year runs out.

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