Berry Health, a Ghanaian health tech startup, has successfully secured a significant pre-seed investment round totaling $1.6 million. This funding round was co-led by Lightspeed Ventures, a prominent U.S.-based large-size fund, and General Catalyst. Notably, this marks Lightspeed Ventures’ first investment in Africa, signaling the growing interest and potential of the African health tech market. Other notable investors in the pre-seed round include Reddit COO Jen Wong, Thirty Madison co-founders Demetri Karagas and Steven Gutentag, New York tech lawyer and VC Ed and Betsy Zimmerman, and former U.S. Surgeon General Regina Benjamin.
The substantial investment of $1.6 million will provide Berry Health with the necessary financial resources to further develop and expand its innovative health tech platform. The primary aim of this investment is to tackle the pervasive stigmatization surrounding sexual and mental health in Africa. Berry Health seeks to revolutionize healthcare in the region by offering judgment-free services that leverage technology to overcome the barriers and social stigma preventing individuals from seeking essential care.
Why the Investors Invested
The investors were motivated to support Berry Health based on several compelling reasons. Firstly, the alarming rates of sexually transmitted infections (STIs) and mental health cases in Africa have reached critical levels. Africa is currently second only to Southeast Asia in terms of STI incidence, with over 80 million cases reported annually. Additionally, Africa experiences a higher suicide rate compared to the global average, with approximately 11 people per 100,000 dying by suicide each year, as reported by the World Health Organization. These distressing statistics highlight the urgent need to address sexual and mental health issues in the region.
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Furthermore, the limited ratio of doctors to individuals in Africa, standing at 1:10,000, underscores the pressing need for innovative healthcare solutions that can bridge the healthcare gap. The COVID-19 pandemic has accelerated the adoption of telemedicine, virtual care, and drug-delivery platforms in Africa, presenting a unique opportunity for health tech startups. Berry Health’s subscription-based platform, offering remote diagnosis and treatment for various conditions, has the potential to democratize access to quality healthcare services while simultaneously reducing the stigma associated with seeking care.
The investors recognize the expertise and vision of Berry Health’s founder and CEO, Fredua Akosa. With a background in medicine and extensive experience as a general practitioner, Akosa possesses a deep understanding of the healthcare challenges faced by the African population. The combination of an underserved market, a strong executive team with diverse expertise, and a proven business model derived from successful ventures in the U.S. and Europe has instilled confidence in the investors regarding Berry Health’s potential for transformative impact.
A Look at Berry Health
Berry Health, founded just a few months ago, is a Ghanaian startup aiming to revolutionize healthcare by addressing the prevailing stigma surrounding sexual and mental health in Africa. The founder and CEO, Fredua Akosa, a British-Ghanaian medical doctor, was inspired to establish Berry Health after witnessing a significant surge in mental health conditions and stigmatized healthcare during the pandemic.
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Berry Health’s platform offers remote diagnosis and treatment for various conditions, including anxiety, depression, sexual health issues (such as birth control and erectile dysfunction), dermatology, and hair loss. Through online consultations, users can interact with licensed medical doctors or clinical psychologists, receive personalized treatment plans tailored to their specific needs, and conveniently have medications delivered to their homes, eliminating the need for in-person visits and the associated stigma.
Operating on a subscription-based model, Berry Health plans to charge users 299GH ($26) per year for access to all its services, providing an affordable option compared to traditional healthcare fees in Ghana. Additionally, consultations with clinicians will be available for $5 per session, a pricing structure designed to make seeking care more accessible and affordable. Berry Health’s executive team consists of professionals with diverse backgrounds, including experience in renowned companies such as WPP, Instacart, and Babylon Health. To ensure medical expertise, the startup has established a medical advisory board comprising gynecologists, dermatologists, and various other specialists.
With its imminent emergence from stealth mode expected at the end of the following month, Berry Health aims to initially serve customers primarily in Ghana. However, its ambition extends beyond borders, as the startup aspires to make a significant impact on healthcare throughout the African continent.
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