SA e-health startup RecoMed raised undisclosed funding from pharma Eisai
To support its continued growth, the Japanese pharmaceutical company Eisai has contributed a sizeable amount of undisclosed funding to the South African startup RecoMed, which operates a digital healthcare marketplace.
RecoMed is a technologically advanced online marketplace and booking platform for healthcare that links patients, providers, and other industry participants in a seamless manner. Using a phone, tablet, or computer, patients can schedule appointments with a wide range of local healthcare providers.
Through a variety of aggregated, integrated channels, including web search, medical aids, and life insurers, the platform gives healthcare providers access to patient bookings that generate significant volume. Every month, the platform books and confirms over 100,000 bookings, and it enables over 250,000 unique patient visits.
With its recent rapid expansion, RecoMed is currently utilized by more than 3,000 healthcare professionals. After receiving funding from Eisai, it increased its revenue by 150% in 2023 and is now prepared to grow even more. The precise amount of funding raised has not been disclosed by the company, but it is confirmed to be RecoMed’s largest funding round to date—more than the US $1.45 million from the Vunani Fintech Fund in 2021.
A crucial step at a time when breast cancer rates have increased in the wake of COVID-19, possibly as a result of screening delays, as well as other diseases with unmet needs, is that the investment will be used to make RecoMed the first digital connection to care platform to address breast cancer.
“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.”
Eisai’s vice president of corporate strategy, Shin Ujiie, stated that the company partnered with RecoMed because it shared Eisai’s objective of using digital platforms and technologies to optimize the patient experience.
“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.
