RecoMed, an online healthcare booking platform helping patients to quickly find and make appointments with healthcare providers, 24/7, without any phone calls or paperwork, has raised R4.5 million in equity finance.
Investment and advisory firm HAVAÍC led the fully subscribed equity raise. The investment was secured by HAVAÍC, the ASISA Enterprise Development Fund, and Growth Grid Venture Capital Partners.
ASISA ESD Fund (managed by Edge Growth) was an early investor in RecoMed, and has increased its equity participation with this new round. In terms of the capital raise, R3 million will be utilised in the immediate term, and the balance of R1.5 million to be drawn at RecoMed’s request within six months of the initial draw down.
This investment follows a previous capital equity raise of R6 million from the ASISA ESD Fund in January 2016.
RecoMed enables consumers to easily book appointments with a diverse group of healthcare providers, who in turn benefit from increased patient traffic and practice efficiencies. Over 100,000 patients and 1,500 providers connect with each other every month via RecoMed.
The company’s online booking platform is its core product, and it has developed white-labelled solutions for, among others, Discovery Wellness Clinics, Medicross (owned by Netcare), Biokinetics Association of SA, and several other national healthcare players.
RecoMed will use the funds raised to strengthen the balance sheet, fund a shift to increasing product traction and towards marketing its products and services. The short-term objectives are to complete several new integrations with leading industry healthcare software systems while steadily growing its current clientele base of 1,400 practitioners; and to double monthly bookings to 40,000 per month.