South African digital healthcare marketplace startup RecoMed has struck a significant deal with Japanese pharmaceutical firm Eisai, securing a substantial yet undisclosed amount of funding. The investment aims to fuel RecoMed’s expansion plans and further develop its innovative platform, which connects healthcare practitioners and patients seamlessly.
RecoMed operates as a tech-driven online healthcare marketplace and booking platform, offering patients the convenience of booking appointments with various healthcare providers through their phones, tablets, or PCs. The platform has gained traction, facilitating over 250,000 unique patient visits monthly and confirming over 100,000 bookings every month.
The startup, which boasts a user base of over 3,000 healthcare providers, witnessed remarkable growth in recent years. RecoMed’s revenue surged by 150 per cent in 2023, setting the stage for further expansion with the backing of Eisai’s investment. Although the exact amount remains undisclosed, it marks RecoMed’s largest funding round yet, surpassing the US$1.45 million raised from the Vunani Fintech Fund in 2021.
The infusion of capital from Eisai will enable RecoMed to pioneer digital healthcare solutions for breast cancer, a critical initiative amidst rising breast cancer rates exacerbated by COVID-19 screening delays. Sheraan Amod, founder and CEO of RecoMed, expressed enthusiasm about the partnership, highlighting Eisai’s clear vision and alignment with RecoMed’s mission to enhance healthcare accessibility through digital platforms.
According to Amod, the investment will primarily focus on enhancing RecoMed’s technology, raising platform awareness, and creating a more robust digital healthcare journey for patients. With an initial emphasis on breast cancer, RecoMed aims to improve patient treatment journeys and overall outcomes across various diseases.
Shin Ujiie, vice president for corporate strategy at Eisai, emphasized the significance of utilizing digital platforms to streamline the patient journey. He praised RecoMed’s innovative approach to digital health services and expressed confidence in the partnership’s potential to enhance healthcare accessibility.
As healthcare complexities persist, partnerships like RecoMed and Eisai’s underscore the importance of leveraging technology to address critical healthcare challenges. With this latest funding boost, RecoMed is poised to make significant strides in revolutionizing the healthcare landscape, starting with its pioneering efforts in breast cancer care.
