Ethiopia’s Telemed Secures Funding Round From The African Group.
An Ethiopian engineering consultancy that specializes in health system design and implementation within the Ethiopian health care sector, named Telemed Medical Services. It has managed to recently receive funding from the US-based boutique advisory and venture capital investor, The Africa Group.
TAG will claim stake over 25% in Telemed, which had been founded back in 2012, in order to reinforce the limited health resources in Ethiopia. The country has a doctor-to-patient ration of ~1:30,000 and 80% of the populations lives at least 5 kilometers away from the nearest medical center.
Founder of Telemed, Dr Yohans Wodaje, had said in a statement, “Telemed provides a critical service to the Ethiopian public and it is important to make all necessary investments to ensure the scale-up of this transformative endeavor. Venture capital is a crucial source of financing for start-up business like ours, having the potential of catapulting them to reach greater markets; our partnership with TAG is the perfect match, enabling us access to the appropriate amount of capital with the right kind of technical support.”
Telemed’s Hello Doctor, is one the first and only available facility in Ethiopia where patients can call a short number to access the services provided by the profession health center that includes a phone consultation, ambulance dispatch and home care service. With its exclusive deal between BelCash Technology Solutions PLC and Ethiotelecom, Hell Docter will become available to the all the populace.
The recently acquired fund provided by TAG and the grant received from a USAID and DFID-backed development fund will be utilized to increase the service capacity across all of Ethiopia, creating a remote patient monitoring system, and facilitating a mass marketing campaign. Furthermore, TAG has provided technical assistance to bolster key areas including governance and compliance.
According to the Managing Partner of The Africa Group, Elias Schulze, “The Africa Group is excited and honored to partner with Dr. Yohans on this brilliant model of private-sector led healthcare delivery. We view this engagement as just the beginning of our journey together and look forward to transforming and deepening our ability to touch greater swaths of the public both in Ethiopia and beyond. The team, led by Special Operations Associate, Tim Burkly, worked tirelessly with Dr. Yohans’ team to complete this unique transaction and we are positioned well to scale together.”