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Investors Rally Behind Ivory Coast’s Susu in $4.8M Deal to Democratize Healthcare Access in Francophone Africa

December 14, 2023

Susu, an Ivorian healthtech startup, has successfully raised 4.5 million euros in a recent fundraising round. Notable investors include INCO Ventures, Al Mada Ventures, Janngo Capital, Open CNP, Health54 (CFAO Healthcare), Launch Africa Ventures, Five35 Ventures, Plug and Play Ventures, and several business angels. The funds raised are earmarked for the expansion of Susu’s healthcare services in Africa, particularly in Côte d’Ivoire, Senegal, and Cameroon, where the company has already gained traction with over 7,000 clients.

Susu, founded in 2019, aims to position itself as a leader in healthtech in Francophone Africa. The startup addresses the pressing healthcare challenges on the continent, where population growth is substantial, and chronic diseases like diabetes and hypertension are on the rise. The investment will be utilized to develop a comprehensive range of health offers, including local and international health insurance coverage and tailor-made health bundles. The startup operates through a 360° digital platform connecting beneficiaries, medical providers, financial contributors, and its internal teams. Additionally, Susu collaborates with top healthcare providers to establish a high-quality medical network. The funding will also support innovative health financing models leveraging third parties, such as the African diaspora, relatives, employers, or charities.

Why the Investors Invested

Investors have committed to Susu due to its compelling mission of democratizing access to healthcare throughout Africa. With a focus on reducing inequalities in health access, Susu aims to deliver quality care through innovative products and financing models. The investors were drawn to Susu’s commitment to addressing the growing healthcare needs on the continent, where life expectancy is increasing, and chronic diseases are becoming more prevalent. The startup’s innovative approach, combining technology, a comprehensive range of health offers, and partnerships, aligns with the investors’ vision of creating economic and social progress in the intersection of financial, insurance, and health services.

Carole Cazassus, Investment Director at Inco Ventures, highlighted the Susu team’s commitment to reducing health inequalities as a key factor in their decision to support the startup. Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, emphasized Susu’s vision, team quality, and unique technological solutions as compelling reasons for leading the funding round. The investors view Susu’s initiative as transformative, contributing to the redefinition of insurability boundaries in the African health sector.

A Look at Susu

Founded in 2019, Susu has rapidly expanded its operations beyond its initial commercial launch in France and Côte d’Ivoire. The startup’s primary markets now include Cameroon and Senegal. With approximately forty employees spread across Paris, Abidjan, Douala, and Dakar, Susu has positioned itself as a key player in healthtech. The startup’s ambition is to leverage the recent funding to accelerate growth by expanding into new African countries in Francophone Africa and North Africa.

Susu’s service offerings revolve around four pillars: a comprehensive range of health offers, a 360° digital platform, a high-quality medical network, and innovative health financing models. The startup’s mission is to democratize access to healthcare across the entire African continent, catering to both healthy and vulnerable individuals. As the startup plans to recruit ten new employees by 2024, its focus extends to bolstering sales, marketing, operations, and finance teams in both France and Africa. Overall, Susu’s innovative approach and commitment to addressing healthcare challenges position it as a key player in transforming the daily lives of millions of Africans.

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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.

French Bank Backs Ivory Coast’s Susu In $1m Round To Grow Family-focused Insurance Product

March 4, 2022

Susu, based in the Ivory Coast and France, has raised $1 million in pre-seed capital to provide affordable and accessible insurance services to its consumers in the Ivory Coast, Senegal, and Cameroon. The majority of the funds came from angel investors, but the company also received $1.2 million in loan and grant funding from BPI France, the French government’s public investment bank.

“My father died in 2017 after he had a heart issue in Benin and could not be saved. The health issue was a complication from his hypertension that was poorly managed,” Bardet said in a statement. “At that moment, I was finishing my MBA at HEC Paris and the goal I set for myself was to try to prevent that happening to other people, maybe that will be something good that I can do in my life. So that’s how the story started.”

Susu plans to use its new funding to expand its team and deliver new features. Bardet also stated that the company would expand its services to six more African countries, including Nigeria and Ghana.

Why The Investor Invested

Since its inception, the company has gained significant traction. The product appears to have struck a chord with the company’s 5,000-strong customer base, which increased by 5 times last year. Revenue surged by more than 400 percent in 2021, according to the business.

“I have been following Susu since the beginning of the project. And I see its huge potential, focused on building a solution to provide access to affordable healthcare in Africa through technology,” said Christopher Neves, one of Susu’s angel investors who boasts of several years of experience in the insurance industry.

A Look At What The Startup Does

After losing her father to difficulties from a chronic health issue owing to poor management, Bola Bardet (after important spells at a luxury firm and JP Morgan) founded the company in 2019 with Laurent Leconte (CTO) and Sandrine Egron (COO).

Susu provides care packages or bundles to patients with chronic diseases such as diabetes and hypertension, as well as pregnant women, who require close monitoring and preventative guidance in order to live their best lives with their ailments.

In addition to allowing patients to finance their bills, Susu proposes a collective financing solution where family members living locally or in the diaspora can also help patients finance their monthly subscription fees via care bundles. Care bundles are basically medical calendars composed of doctor consultations, nurse visits, medical advice sent by SMS and a combination of other medical activities for patients.

Susu also proposes a community financing option in which family members living locally or in the diaspora can help patients pay their monthly subscription costs via care bundles in addition to allowing patients to finance their expenses. Care packages are essentially medical calendars that include doctor appointments, nurse visits, SMS medical advice, and a variety of other medical activities for patients.

“A survey we carried out proved that family members are used to helping and supporting sick family relatives, and they are willing to do so. So it’s something that is already done today, let’s say informally in our countries,” said the chief executive on the company’s strategy to allow family members of patients to pay for the healthcare of their loved ones. “So these are the possibilities that are offered and we are today contemplating the possibility of having NGOs or government-funded programs contribute to the bundles, but it’s long term.”

Susu is up against new competition in the form of startups like Fleri, which is sponsored by Techstars. The company, which is situated in the United States, allows immigrants to send money directly to their families in their native country. Susu’s approach, on the other hand, is quite distinctive, according to Bardet. According to her, the company focuses entirely on insurance, rather than a variety of services, and offers a financial safety net for individuals who cannot otherwise afford it.

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Charles Rapulu Udoh

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