HealthTech Firm Reliance Health Closes on $40M in Series B Funding

Reliance Health, the Nigeria- and Texas-based digital healthcare provider, has completed a $40M Series B funding round, the company announced on its blog Monday (Feb. 7).

This new cash will be used to hire staff, accelerate the HealthTech’s expansion into emerging markets and create products to complement its proprietary technology, facilities and partnerships, the 7-year-old company said.

The financing was led by General Atlantic, a New York-based equity firm providing capital and strategic support for growing companies globally. In addition, there was participation from Partech, Picus Capital, Tencent Exploration, Asia Africa Investment and Consulting, P1 Ventures, Laerdal Million Lives Fund, Arvantis Social Foundation Impact Investment and M3 Inc.

January was a monster month for healthcare technology startups as funding was provided to many companies in the remote care, symptom analysis, financial aid, mental health and eldercare sectors.

Read more: Health Tech Startup Digest: Infermedica Raises $30M for AI Symptom Analysis; Atlas Health Pockets $40M to Offer Patients’ Financial Aid

Also in January, Ghana-based health tech startup mPharma has raised $35 million to build a chain of community pharmacies across Africa as it races to be the primary healthcare service provider for millions.

Learn more: mPharma Raises $35M to Expand Healthcare Access in Africa

January also saw MeMed, an Israeli firm that develops diagnostic solutions to monitor the body’s immune system, announce that it had raised $93 million to accelerate the commercialization of its host immune-response product portfolio.

See also: Global HealthTech Sector Continues to Grab Investor Interest In 2022

Reliance called the latest funding effort the largest Series B round in the African HealthTech sector so far. To date, it has raised $48 million in funding, including a $6 million Series A funding round in January 2020.

The company said Reliance has averaged three-and-one-half times year-over-year revenue growth. It offers flat fee healthcare plans, telemedicine, prescription drug delivery and healthcare facilities in one platform for one price.