Rocket Health, a Uganda-based telemedicine and last-mile healthcare provider, has announced it has raised USD5 million in a Series A funding round lead by Creadev, an evergreen investment company backed by the Mulliez family of French entrepreneurs.
Creadev was joined in the round by current early-stage African investors Grenfell Holdings and LoftyInc Capital Management.
“Rocket Health is on a quest to make quality primary healthcare accessible, affordable and convenient to achieve the best outcomes for as many Africans as possible through the exponential power of technology,” said Dr Davis Musinguzi, Rocket Health CEO and Founder. “We’re elated that the investment thesis of Creadev and the Mulliez family resonates deeply with this timeless vision of the Rocket Health founding team. Together, we shall build a sustainable digital healthcare value chain down to the last mile across Africa.”
Rocket Health will use this financing to accelerate its technology roadmap and geographic expansion into Uganda’s many regions as well as Kenya, in order to make healthcare more simple, accessible, and given to patients wherever they are.
Why The Investors Invested
“We have been highly impressed by the creativity, tenacity and vibrant culture of the Rocket Health team, which holds an ambitious vision for the future of African primary care. The opportunities are countless, from data analytics to innovative distribution channels. Together with like-minded investors, we look forward to bringing our experience in retail, e-commerce, logistics and digital health to support Davis and his team as they revolutionize access to Healthcare in Africa!” said Pierre Fauvet, the Creadev Managing Director, Africa and Sarah Ngamau, Managing Director — Kenya.
Creadev Africa is a subsidiary of Creadev, a global long-term investment organization managed by the Mulliez family, the owners of one of the world’s leading B2C retail platforms (Auchan, Decathlon and Leroy Merlin amongst others). Creadev has invested approximately USD2 billion in venture capital, growth equity, and buyouts since 2002. Creadev invests in firms that are ideally positioned to scale and become global champions in their respective sectors, with offices in Paris, Nairobi, New York, and Shanghai.
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A Look At What The Startup Does
Rocket Health, founded in 2012 by Dr Davis Musinguzi, Dr John Mark Bwanika, Dr William Lugeba, and Dr Hope Achiro, has rocketed to become Uganda’s number one telemedicine player, providing an end-to-end healthcare experience to over 25,000 patients.
Rocket Health’s solution uses technology to provide four integrated services with a “focus on quality, convenience, and affordability”: 24/7 teleconsultations with trained and licensed medical doctors, medicine delivery, home sample collection for laboratory diagnostic testing, and physical specialist clinic consultations.
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In a statement, the business stated that it is relying on innovative digital health solutions to improve healthcare in Africa for everybody.
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer