Reliance Health Raises $40M in Series B Funding

Reliance Health, a Lagos, Nigeria and Austin, Texas-based emerging markets-focused digital healthcare provider, closed a $40M Series B funding.

The round was led by General Atlantic, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvantis Social Foundation.

The company intends to use the funds to:

  • expand the platform in emerging markets around the world,
  • add new products that complement existing proprietary technology, facilities, and partnerships, as well as
  • hire additional talent.

Founded by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki, Reliance Health is a healthcare company which uses technology to bring affordable and accessible healthcare to leading companies in emerging markets including Biersdorf Nivea, Jumia, PWC, Merrybet, Regus, and others. Using an integrated approach that includes affordable health insurance, telemedicine, and a combination of partner and proprietary healthcare facilities, the company has impacted over 200,000 lives, 600 companies in its five years.

To date, Reliance Health has raised $48M in total funding, including a $6M Series A funding round in January 2020 led by Partech, with participation from Y Combinator, LoftyInc Capital, Golden Palm Investments, Ventures Platform, and Picus Capital.