South Africa’s Healthtech Startup iNNOHEALTH raises 7-figure seed Capital
South African Healthtech startup iNNOHEALTH has announced it secured an undisclosed seven-figure seed investment from an unnamed Hong Kong-based VC firm as it hopes to expand its service quality and delivery.
iNNOHEALTH was founded in 2020 by medical doctors Chad Marthinussen and Wade Palmer and chartered accountant Abdul Malick Salie, the startup has since provided digital solutions for quality, affordable and equitable healthcare to everyone on the African continent.
The startup whose first product was the doctor-led app MyPocketHealth was able to provide comprehensive AI-driven digital healthcare solutions for all South Africans once it launches later this year.
Chad Marthinussen speaking on the development said that the MyPocketHealth platform will reduce the need for in-person medical consultations, allowing patients to access the best, most affordable medical advice and care from their mobile phones.
“What we’ve seen is a 55 percent increase in out-of-pocket medical expenditure, when 40% of all forms of healthcare can be virtualized. Additionally, 78 percent of South Africans have missed appointments because of cost” he said.
Wade Palmer also added that the platform will be important with the increased burden on the public health system creating huge demand from the general public.
“This platform is a full-service offering that provides users with access to low-cost medical care and allows you to get your script, to have control of your medical records, your scans, and blood results – which makes your entire experience holistic.
“We want to move South Africa away from telemedicine to virtual care. We want integration into the NHI, as well as to become Africa’s biggest digital care provider of tech solutions, products, and services”.