Similar to the previous couple of weeks, we only recorded 3 funding deals in the African startup ecosystem last week. South African health tech, RecoMed secured an undisclosed amount from Japanese pharmaceutical company, Eisei. Elsewhere, Moroccan startup, Tookeez obtains $1.5 Million, while Nigerian health tech, MDaaS raised $3 million to further develop its proprietary technology platform.
Funding
RecoMed
Funding round: Undisclosed
Investors: Eisai
Founded: 2013, South Africa
Founders: Sheraan Amod
Products: RecoMed operates an online healthcare platform that provides remote healthcare appointment scheduling in South Africa, helping patients bypass unnecessary complexities and delays. The healthcare marketplace gives users access to physicians from leading pharmacies, clinics, primary care, and hospital groups.
What Next?: The funding will go into developing systems that facilitate a cohesive digital patient healthcare journey focusing on key areas, particularly oncology, and neurology. Part of it will also go into making RecoMed the first digital connection-to-care platform to address breast cancer.
Tookeez
Funding round: Seed ($1.5 Million)
Investors: Azur Innovation Fund
Founded: 2020, Morocco
Founders: Siham Elmejjad
Products: Tookeez operates a universal system that aggregates loyalty points from numerous brands into a single wallet. This wallet enables users to carry out transactions across a wide network of shops and brands, making the platform a complementary source of revenue.
What Next?: Fuelled by the funds, Tookeez intends to accelerate its expansion in Morocco, across the MENA region, while also investing more in technical development, particularly in blockchain technology.
MDaaS
Funding round: Pre-Series A ($3 Million)
Investors: Aruwa Capital Management, Newtown Partners. Ventures Platform
Founded: 2017, Nigeria
Founders: Oluwasoga Oni, Opeyemi Ologun
Products: MDaaS provides diagnostic services such as digital X-rays, ultrasounds, echocardiography, and lab testing through a combination of clinics and tech systems. Its tech-enabled platform offers a membership-based health practice that focuses on preventive, personalized, and ongoing treatment.
What Next?: The funding will be channeled into further developing the company’s proprietary technology platform and expanding its healthcare network to all 36 states in Nigeria through a mix of company-owned and affiliate clinics.
Acquisitions
Deel Acquires HR Startup Payspace
Deel, a San Francisco based employee payroll solutions provider has announced its acquisition of South Africa payroll and HR services company, Payspace. While the financial value of the acquisition wasn’t disclosed, it’s been reported that this is Deel’s largest acquisition to date, having previously acquired other companies in the past, the most recent before Payspace being Zavvy, a Munich-based people development services company.
The acquisition gives Deel the full HR stack which will enable the company to expand its footprint strengthen its footprints in Africa.
Payspace was founded in 2007 by brothers Bruc, clyde, and Warren Clark together with George Karageorgiades as a cloud-based payroll and human resources platform
Opportunities
Women Entrepreneur (WE) Empower UN SDG Challenge 2024
