RecoMed, a South African online healthcare marketplace, has raised a $1.5 million financing round led by Vunani Fintech Fund. The VC firm invested $1 million.
Also participating in the round are AAIC, Growth Grid Venture Capital Partners and Kenyan-based Push Ventures.
Founded by Sheraan Amod in 2013, RecoMed is an online healthcare booking platform and marketplace for healthcare providers. It acts as a marketplace where patients can find and book services with healthcare professionals across South Africa.
It also helps to improve access and healthcare delivery for patients by cutting down the time it would typically take to book the service they need. The startup claims it powers over 200,000 bookings per month, which has grown 700% in 18 months.
RecoMed plans to use this funding to add new integrated products to its platform in 2022. Some include integrated online medical payments and e-pharmacy for delivering prescription medication to consumers across the country.
In addition to new product releases, RecoMed is also targeting further geographic expansion, with the company launching in Kenya in January 2022.
Mark Anderson, Director at Vunani Fintech Fund said: “We are still in the early days of leveraging technology as a utility in healthcare, so the potential here is massive. We are confident that this latest round of fundraising will make a major contribution towards promoting greater efficiencies in the health ecosystem that will benefit all stakeholders.”
