Healthcare is proving a major area of focus for Africa-focused investors since the outbreak of the Coronavirus pandemic. Joining the train of fund raisers is South African e-health startup BusyMed which has secured an undisclosed amount of growth funding from local venture capital firm LionPride. The funding will help the startup to commercialise its solution which intends to overhaul South Africa’s pharmaceutical sector.
“We’re excited about the opportunity this investment provides us. BusyMed aims at improving pharmacies’ engagement with their communities through technology and by doing so brings access to quality healthcare into everyone’s home,” said Mphati Jezile, founder BusyMed.
Here Is What You Need To Know
- The investment made by LionPride will be used to further develop the startup’s platform and to build-out its customer and revenue base. LionPride’s support would also go as far as offering strategic assistance to the startup.
Why The Investors Invested
For a startup founded since 2016, the latest fundraise by BusyMed is almost like a Pyrrhic Victory for Jezile; and it would still not have come if Jezile had not expanded his network by working with the Cape Town-based investment and advisory firm HAVAÍC. The partnership saw Jezile introduced to the LionPride Agility Fund, founded and managed by LionPride Investment Holdings. Based in the Eastern Cape of South Africa, with limited access to networks, raising funding and commercialising BusyMed was the biggest task for Jezile.
According to Deven Govender, director of the LionPride Agility Fund, the fund invested in ventures that have a social benefit whilst providing a potentially high yielding investment for its investors.
“It’s great that we can support a young and talented entrepreneur like Mphati in a venture that utilises technology to enable access to healthcare for communities across the country. Not only do we see human potential in Mphati and the impact of BusyMed in South Africa’s communities, but as a fund manager the investment has to make sense as well, and we believe it does,” he said.
LionPride fund supports early-stage pre-revenue startups headed by previously-disadvantaged founders.
A Look At What BusyMed Does
Founded by Mphati Jezile, BusyMed aims to connect consumers directly to pharmacies via a digital platform, giving them access to online consultations, product and medication purchases with fast home delivery.
The platform allows for pharmacies to provide real-time stock information, access performance data on best-selling items, manage inventory more effectively, and leverage off existing pharmacy and third party delivery solutions.
“Pharmacy is an essential part of every communities healthcare system. BusyMed exists to help pharmacies improve their customer engagement, consultation and access to services and products through a digital platform tailored to their needs,’’ the startup says.