CAIRO, Egypt, LAGOS, Nigeria & AUSTIN, Texas – September 22, 2022
Reliance Health is pleased to announce its expansion into Egypt, operating in this market as Reliance Health Egypt (RHE). Founded in Nigeria in 2016, it began operations as a telemedicine-focused startup, Kangpe, which later expanded into a single-fee healthcare provider to better address patients’ complex, evolving needs.
In the company’s recent funding raise in February 2022, Reliance Health raised a Series B funding of $40 million led by General Atlantic to accelerate growth in Nigeria and strengthen efforts in expanding the platform in emerging markets worldwide while adding new products that complement existing proprietary technology, facilities, and partnerships.
Speaking on the expansion, co-founder and CEO Femi Kuti explained why Egypt was the next best step in the company’s growth roadmap, “The composition, size, and demographic distribution are very similar to Nigeria. Also, the health problems we have solved with technology in Nigeria are similar to those in Egypt. It was only natural that we would look to apply the same solutions to a similar market.”
James Whittington from General Atlantic noted that “Reliance Health has always had a bold vision matched by superb execution, and we challenged them, and we knew that they were very excited about expanding internationally, having built the platform they’ve built. Egypt is a very obvious market in demographics and has the potential for improving healthcare across the population. And I think it’s an area that we are very excited about seeing them expand and continue the success they have had in Nigeria across this region.
On the timing of the launch in Egypt, co-founder and COO Opeyemi Olumekun shared, “Reliance Health has over time built a stable, reliable, and exportable product in Nigeria and secured the funding for expansion. Given the need in emerging markets and our desire to meet that need, we felt that we were ready to take the next steps.”
Rafik Samy, who will lead the Reliance Health Egypt operations as Country Manager, explained the Egyptian market’s potential for advancing healthcare. In his words, “Egypt is a large market, second only to Nigeria, and there is a growing interest and appetite for health services and solutions that meet the health challenges of its growing population. Also, the government’s drive towards more financial inclusion, digitization, and use of technology means it is a perfect choice for Reliance Health to make its next home outside Nigeria.”
Matthieu Marchand from Partech noted that “Reliance Health has carved a unique position for itself in the Nigerian market with a product that is 10x better than anything the competition is doing. I expect they will replicate and exceed that success in Egypt as they bridge the healthcare gap for the population.”
About Reliance Health
Reliance Health is a healthcare company using technology to make healthcare more affordable and accessible and using an integrated approach that includes affordable healthcare plans, telemedicine, and a combination of partner and proprietary healthcare facilities. Reliance has impacted over 200,000 lives and 600 companies in its five years and has risen to become one of the leading digital health providers. Reliance has also raised above $48M in historical venture funding from some of the world’s most prominent investors, including General Atlantic, Partech, Tencent, and Y Combinator. The company employs over 300 “Rhomans” and has been recognized in Nigeria” list, making the list of Y-Combinator’s top companies in 2022.
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