TechInAfrica – RecoMed is an e-health startup in South Africa. The company has raised $324,000 USD (ZAR4.5 million) in funding to increase production and marketing of its numerous products and services.
RecoMed functions as an online marketplace centered on healthcare. The online platform allows consumers to book appointments with diverse healthcare providers anytime of the day. The healthcare providers involved benefit from increased number of patients and gain exposure.
The investment for RecoMed was made firms like the ASISA Enterprise Development Fund, HAVAÍC and Growth Grid Venture Capital Partners.
Two-thirds of what RecoMed got as funding will be used to fulfill immediate needs while the rest will be withdrawn at the request of the company within six months from the time of the previous draw-down. The company will use the finance it raised to fund the increase of product traction, strengthen its balance sheet and marketing of products and services.
The objectives of the startup, RecoMed is to fully integrate its platform with leading software systems in the healthcare industry while growing its client base at a steady rate. It currently has over 1400 practitioners and monthly bookings of about 40,000 every month.
According to RecoMed’s chief executive officer, Sheraan Amod, “traction takes a lot of time even though we operate in a complex ecosystem that has huge potential. It is encouraging to know that RecoMed is being adopted by some of the key players operating in the healthcare sector.
The chief executive officer of HAVAÍC, Ian Lessem said his company was impressed with the quality of RecoMed’s product and leadership. And that was why his company developed an interest to invest in RecoMed.
According to Ian Lessem, RecoMed is performing extremely well. It has surpassed its competitors in all ramifications due to its focus on creating a platform that is functioning. He also said his company is looking forward to RecoMed when the company would build a solid reputation as the market leader.
RecoMed was founded in the year 2013 with the aim of improving access to quality healthcare without stress. RecoMed makes it easy for patients to search for doctors and book appointments instantly. The company currently records thousands of users on a monthly basis. Users can use RecoMed to search for a medical doctor or dentist from the comfort of their homes. It claims to also have a user-friendly interface.