Contro, a South African telehealth firm, has announced the completion of its oversubscribed pre-seed investment round, which raised R10.1 million ($5.6 million).
Four international and local VCs, including Plug & Play, iCubed Capital, WZ Capital, and the Jozi Angels Network, as well as prominent local and international Angels, contributed to the investment, and Contro received grant funding from the i3 fund, which is backed by the Bill & Melinda Gates Foundation.
A Look At What The Startup Does
Contro, which will be launched in June 2021, will focus on sexual health and confidence treatment. Currently, the company provides six services, including birth control subscriptions, erectile dysfunction treatment, and hair loss treatment, as well as one-time treatment for STIs, Thrush, and UTIs.
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Since its beginning, the site has facilitated therapy for over 2000 people across South Africa and has grown from strength to strength. Contro’s team bootstrapped the platform’s development in 2019, hoping to demonstrate product-market fit before seeking outside financing, which they have done.
“Our success to date has shown that putting the customer first is key to creating a successful direct-to-consumer business in South Africa. By understanding the barriers to entry and pain points individuals go through when seeking sexual healthcare services, we have been able to build a service that fundamentally makes access cost-effective, discreet and easier than ever before,” Alex Schmid, Contro’s founder, said. “I am incredibly proud of the work our team has produced, the hours dedicated and the weekends sacrificed to get the company where it is today. Investors have witnessed that determination and the potential Contro has, which has proudly resulted in exceptional VCs, Angels and the Bill & Melinda Gates Foundation backing us and our platform.”
Contro will use this capital to enhance its platform, extend its services, and grow its team, with the goal of facilitating focused expansion across South Africa. 30% of Contro’s customers are from South Africa’s townships and rural areas. Contro intends to build on its current momentum in those markets and beyond.
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“Our largest achievement to date has been creating an accessible and affordable service for all South Africans. The platform is utilized in areas such as Soweto, Khayelitsha, and Alexandra as well as rural areas,” Schmid said. “We are one of the few companies that can facilitate consultations and medication delivery anywhere in South Africa. As a South African founding team, this has humbled us, and this achievement is what drives us to continue to develop our platform and company to deliver healthcare to all.”
Contro telehealth
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh