Health-tech startup Rocket Health has secured $5 million in a Series A funding round led by Creadev Africa. The round also saw the participation of early-stage African investors Grenfell Holdings and LoftyInc Capital Management. Following the round, the startup’s total raise is now $6.2 million.
Rocket Health is a Ugandan health-tech startup looking to improve the delivery of medical care in Africa through technology. It not only offers online medical consultation, but the startup also handles the collection of samples and the delivery of medicines. The startup is very inclusive; its services can be accessed via USSD for those that do not have access to the internet.
The startup has been around for a decade. It was launched in 2012 and founded by Dr Davis Musinguzi (CEO), with Dr John Mark Bwanika (COO), Fiona Nuwamanya (CFO), Dr Hope Achiro (chief pharmacist) and Dr William Lubenga (chief medical officer). Thanks to the new funding, Rocket Health is ready to expand into more Ugandan regions as well as new East African countries.
According to Rocket Health’s CEO, the company’s goal is making healthcare easily accessible across Africa characterized by a mortifying patient-to-doctor ratio. Speaking on how Rocket Health is helping widen the access to healthcare in Africa, Dr Davis Musinguzi explained that “I think tech is what helps us cover that gap, create more efficiencies, and broaden our reach beyond. There’s no way we’re going to build enough hospitals to be able to reach everybody with the health care that they need. I think telemedicine really helps breach the gap of availability. A lot of healthcare facilities and professionals are still centralized within the urban areas or the capital cities. So very many people across the country don’t get the benefits of these highly skilled individuals. And I think technology complemented with existing infrastructure is how we can bridge that gap.”
According to the CEO, the startup runs its own lab and pharmacy delivery services which helps it stay in control of its product and services delivery. It charges a consultation fee of $3 and $1.5 for drug delivery.
The startup saw a boost in its operations thanks to the Coronavirus pandemic. Its virtual consultations now stand at 400,000 a year. “Covid has been a great boost to introducing people to telemedicine. Once somebody has had that magical experience with last-mile telemedicine, they almost never go back to queuing up in hospitals waiting to see the doctor. We now do tests like PCR testing in addition to home-based care,” Dr Davis Musinguzi said.
“We have different categories of clients; a lot of our clients are in urban areas, and they love the convenience of our services. We have also seen companies start buying subscriptions for casual workers, who don’t qualify for corporate medical covers,” he added.
A statement from lead investor Creadev Africa read, “We are delighted to partner with Rocket Health on its mission to make Healthcare accessible to many people in Sub-Saharan Africa. We have been highly impressed by the creativity, tenacity and vibrant culture of the Rocket Health team, which hold an ambitious vision for the future of African primary care. The opportunities are countless, from data analytics to innovative distribution channels.”
The startup has partnered with Ada, a Berlin-based end-user self-assessment platform, to complement its telemedicine service. The startup is also looking at expanding into West Africa in the long run.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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