South African digital healthcare marketplace startup RecoMed has raised an undisclosed – yet sizeable – amount of funding from the Japanese pharmaceutical firm Eisai to help it continue on its growth trajectory.
RecoMed is a tech-driven online healthcare marketplace and booking platform that seamlessly connects practitioners, patients, and other stakeholders in the healthcare ecosystem. Patients can book appointments with a diverse selection of healthcare practitioners in their area from a phone, tablet, or PC.
The platform enables healthcare providers to access volume generating patient bookings from various aggregated, integrated channels such as web search, medical aids, and life insurers. It facilitates over 250,000 unique patient visits monthly and the platform books and confirms over 100,000 bookings every month.
RecoMed has seen significant growth of late, and is now used by over 3,000 healthcare providers. It has grew its revenue by 150 per cent in 2023, and is now set for further expansion after securing funding from Eisai. While the company has not disclosed the exact amount of funding raised, it is confirmed to be RecoMed’s largest funding round to date, greater than the US$1.45 million from the Vunani Fintech Fund in 2021.
The investment will be used to make RecoMed the first digital connection to care platform to address breast cancer – a critical move at a time when breast cancer rates have increased in the wake of COVID-19, potentially due to screening delays, and other diseases with unmet needs.
“Eisai have recently entered the African market and have a very clear vision around the value of digital platforms that provide people with easy access to healthcare which aligns with our own,” said Sheraan Amod, founder and CEO of RecoMed. “The investment will be used to enhance our technology, drive awareness of the platform and build a more robust digital healthcare journey for patients. We are deeply committed to improving the patient treatment journey and overall outcomes across a range of diseases and, with our initial focus on breast cancer, we are firmly on the road to achieving this goal.”
Shin Ujiie, vice president for corporate strategy at Eisai, said the firm had engaged with RecoMed as it aligned with Eisai’s goal to use digital platforms and technologies in order to streamline the entire patient journey.
“Healthcare is complex and therefore can be difficult to access and we have sought to change this narrative, making health an easily-accessible priority for everyone. RecoMed has proven themselves as leaders in this space and their innovative approach to digital health service makes them the perfect partner on our journey,” he said.
