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Digital Health Market Expected to Grow at a CAGR of 24% in 2026

Abidemi Ogunyemi-Aderibigbe
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Digital Health Market Expected to Grow at a CAGR of 24% in 2026

The global digital health market is expected to grow at a compound annual growth rate (CAGR) of 24% in 2026. There is anticipation that the digital health market will get to $596.56 billion in 2026 from $201.24 billion in 2021, $252.47 billion in 2022 at a CAGR of 25.5%.

Digital health is simply the use of information technology/electronic communication tools and services. In addition, it is the procedure to give and promote healthcare services technologically to improve healthcare.

The digital health market comprises the sales of digital health services by entities such as sole traders, organizations, and partnerships.

These entities are those who engage in providing digital health services for the smooth functioning of healthcare-related services. In the marketplace, only goods and services entities traded between entities or sold to final consumers are included.

Some of the key players of the digital health market include

  • Allscripts Healthcare Solutions Inc.
  • McKesson Corporation
  • BioTelemetry Inc.
  • iHealth Lab Inc
  • eClinicalWorks

The regions covered in the global digital health market are Africa, Asia-Pacific, Eastern Europe, North America, Western Europe, South America, and the Middle East.

Digital Health Market Segmentation

Technology

By technology, this includes Health Information Technology, Mobile Health (mhealth), Telehealth and Telemedicine, and Health Analytics.

Application

Application is in the following areas, Diabetes, Sleep Apnea, Oncology, Cardiology, and Neurology.

By End Users

Final consumers of the goods and services include Healthcare payers, Healthcare providers, and Pharmaceutical companies.

The countries in the global digital health market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt.

In addition, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand.

Also countries like Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.

Civic Hive Fellowship 2022

Hassan Barakat
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Civic Hive Fellowship 2022

Civic Hive Fellowship is a 20-week bootcamp and implementation program designed for early-stage Civic innovators with tech-enabled social problem-solving solutions.

About The Program

Duration: 6 months.

Through a six-month fellowship program focusing on Transparency/Accountability, Civic Participation, and Institutional Efficiency, Civic Hive will employ this process to produce new civic-tech Gen Z leaders.

We will accept various levels of ideas, regardless of scale – local or hyperlocal – and we will be open to the many uses of technology as a channel – radio, text, print, IoT, machine learning, artificial intelligence, or social media.

We’ll also look at the impact the ideas will have on people and public places, the ability of ideas to deliver value in the long run, and the participants’ unwavering spirit.

The Goal of The Program

The goal of the incubation program is to attract additional players into the civic tech space. Under the fellowship program, the Civic Hive project aims to develop a new generation of civic tech leaders who will transform governance.

Next Stage

Successful applicants will go through a series of financial, business, website, and social media management training sessions.

The fellowship program will continue throughout the project in order to develop 12 new innovative and creative civic solutions.

The fellows will be given a platform to present their work, allowing them to meet with potential donors and mentors through BudgIT’s network. During the fellowship, they will be paid a monthly salary of N200,000 and given a workspace.

Apply Here

Nigerian Healthtech Startup Reliance Health Raises $40M Series B Funding

Mena Adediran
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Nigerian Healthtech Startup Reliance Health Raises $40M Series B Funding

Reliance Health, a Nigerian healthtech startup, based in Lagos and Texas has raised $40 million in a Series B round. The startup makes use of an integrated process to offer telemedicine and health insurance through its direct services as well as partnerships with hospitals and healthcare facilities.

The startup aims to address the problems of accessibility and affordability of healthcare in Nigeria. Users get access to a number of healthcare products by subscriptions. Reliance Health provides some of these services directly — with two clinics based in Lagos; while others are provided via third-party partners such as hospitals, diagnostic centres and pharmaceutical centres.

Reliance Health was founded in 2016 by Femi Kuti, Opeyemi Olumekun and Matthew Mayaki. The trio had founded Kangpe back in 2015, a telemedicine startup, but decided to change to Reliance after facing follow-up gaps in its healthcare processes.

“Back then, for example, if a patient chats with this doctor and he recommends an x-ray checkup or after that, a surgery, what happens next?” asked Kuti, chief executive. “We weren’t able to manage all those [end-to-end] processes and that necessitated sort of a soft pivot from the whole telemedicine focus thing to this integrated healthcare provider that we’re doing today,” he said.

Reliance Health has over 200,000 users from both of its operating models — business-to-business and business-to-customers. The company’s health insurance plan ranges from N3,500 ($7) to N148,500 ($297) on a monthly, quarterly or yearly basis. The startup said it has reached a 3.5x year-on-year revenue growth from 2016.

The Series B round was led by General Atlantic. Other investors included Partech, Picus Capital, Tencent Exploration, Africa Healthcare Master Fund, P1 Ventures, Laerdal Million Lives Fund and M3 Inc.

“General Atlantic is thrilled to announce our first technology investment in Africa in Reliance Health, backing a team focused on improving healthcare quality for millions of patients in Nigeria and abroad,” said Chris Caulkin, the managing director of General Atlantic, in a statement.

Reliance Health plans to build two more clinic facilities in Abuja and Port Harcourt. It will also expand into new markets, leading with Egypt — with a coming launch mid-year.

Africa Payments Firm, PalmPay Raises $100M Series A in 2021, Claims to Have 5 Million Users

Hassan Barakat
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Africa Payments Firm, PalmPay Raises $100M Series A in 2021, Claims to Have 5 Million Users

PalmPay, a payments firm focused on Africa, raised a $100 million Series A round last year.

Crunchbase and Tracxn, two websites that track fundraising rounds in startups and private firms around the world, disclose that the round was concluded in August 2021.

PalmPay entered the Nigerian payments industry in June of this year.

For its Series A round, the U.K-based business also received funding from Chinese investors, making it the second-largest of its sort behind unicorn Wave’s $200 million.

Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, Chengyu Capital, and private equity fund AfricaInvest were among the investors in the round.

PalmPay provides a variety of financial services to both consumers and businesses.

It offers online payment and offline POS-acquiring services to merchants through its PalmPartner app, and it expects to launch digital marketing services soon.

Consumers can take advantage of no-fee payment methods, low-cost transfers, bill payments, reward programs, and discounted airtime.

PalmPay has extended to Ghana since its introduction in Nigeria in 2019.

According to its website, it serves over 5 million customers.

PalmPay’s monthly transaction volume was over $100 million in June 2021, according to certain sources.

In a statement released in 2019, PalmPay stated that it was working to become Africa’s largest financial services platform. That is why it ventured into Ghana.

However, there is still work to be done in order to become the dominant player in a burgeoning mobile payment market.

According to information from its most recent fundraising round, its biggest competitor, SoftBank Vision Fund 2 and Sequoia Capital China-backed OPay, has 8 million users and monthly transaction volumes of over $3 billion.

Fintech Mobility Company Moove Receives $10M Investment

Hassan Barakat
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Fintech Mobility Company Moove Receives $10M Investment

Moove, Uber’s only vehicle financing and supply partner in Sub-Saharan Africa has received a $10 million investment to help it democratise vehicle ownership and expand throughout the continent.

Moove is NBK Capital Partners’ first investment in Africa, highlighting the potential for a digital business to fill the continent’s automotive financing deficit. The fund advised by NBK Capital Partners has made its sixth investment in asset-backed venture debt.

“We are very delighted to collaborate with Moove on its quest to revolutionise access to credit for millions of people throughout the African continent,” says Yaser Moustafa, Chief Executive Officer of NBK Capital Partners.

The million-dollar investment will initially help the company expand across West Africa.

Ladi Delano and Jide Odunsi, both British-born Nigerians, founded 3 different firms on the continent before creating Moove, a mobility fintech startup.

“The company is led by strong founders who have a distinct, long-term vision for success, one that is based on the empowerment of people from all socioeconomic classes across the region, as well as a true dedication to social and environmental sustainability,” Moustafa added.

The market opportunity is enormous: Africa has a population of 1.3 billion people, with 43 percent living in rapidly growing urban areas.

In 2019, the continent’s total new vehicle sales were less than 900,000, compared to 17 million in the United States.

This investment, according to Ladi Delano, co-founder and co-CEO of Moove, takes the company’s total cash raised to $78 million, which will fuel their sustained growth trajectory as they expand regional operations to empower more mobility entrepreneurs.

“We are happy to be working with a company that shares our ambition of creating the first mobility fintech for African markets, addressing the problem of millions of people lacking access to credit.”

Through its revolutionary revenue-based finance strategy and alternative credit scoring system, Moove provides vehicle financing for cars, bikes, and trucks to mobility entrepreneurs across the continent.

The company presently works in 6 locations spanning Ghana, Nigeria, South Africa, and Kenya, with intentions to grow across Africa.

According to Jide Odunsi, co-founder and co-CEO of Moove, their revenue-based model and alternative credit-scoring technologies have enabled more women to obtain finance and become mobility entrepreneurs.

“We’re committed to ensuring that at least 50% of our customers are female, by giving them the tools, resources, and flexibility they need to be productive and successful, even if they’ve previously been excluded from more formal work opportunities.”

Afya Rekod Kenyan Startup Raises $2M Seed Round To Expand Across Africa

Boluwatife Aponmade
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Afya Rekod Kenyan Startup Raises $2M Seed Round To Expand Across Africa

Afya Rekod, a Kenyan startup, has raised $2 million in a seed round to expand across Africa. The seed round was led by US venture capital, Mac Venture Capital which invests in outstanding startups building category-leading technology companies at the seed phase.

Afya Rekod is a health data startup that focuses on the patient and enables both health facilities and patients to capture, store, and access the mobility of the patients’ health records. The new startup has seen interest from different health parties in Asia, Europe, Africa, and the United States increase progressively since it started operations in April 2020. Health data has become one of the most pressing concerns for global health management in the wake of the pandemic.

The platform includes a variety of features for providers, including hospital management, patient management, knowledge management, and inventory management. The technology allows patients to record health data and gain access to medical intervention. In addition, the platform compiles information on pharmacies and other important resources for simple access.

John Kamara, founder of Afya Rekod said, “We have spent the last year and a half focusing solely on developing a dynamic platform that integrates health data with analytics and connects users to specialized clinics and specialists. This provides high-quality healthcare in a way that is necessary at this time. This investment excites us since it will help us expand in important markets on our way to becoming the world’s premier patient mobility-focused health platform. Our goal is to empower patients by providing them with access to their health data and connecting them to the ecosystem, which includes hospitals, pharmacies, insurances, and more.”

“This financing will allow us to expand into more African areas and speed up the launch of our patient portal. This will provide patients with the information and tools they need to retain and manage their health data, which is a key function for patients with chronic illnesses and their doctors”, Kamara added.

Marlon Nichols, Founding Managing Partner of Mac Venture Capital said, “One of the things we liked the most about Afya Rekod was its commitment to patient-centered on health innovation and how its addresses the gaps of current healthcare issues. The pandemic has pressed the fast-forward button, bringing about an urgency into health data accessibility and analytics. This is a global problem that can be addressed by innovative private companies like Afya Rekod. We are excited to partner with the team to tackle this challenging problem in healthcare”.

Afya Rekod has more than 150,00 users across five countries and it is accessed via android and ios apps, and web portals. His startup partnerships include The Association of Sisterhoods of Kenya (AOSK) with more than 500 hospitals throughout Kenya; Healthy Mind Foundation to train psychiatrists in Lagos, Nigeria; Alchemy in South Africa to onboard private and public hospitals in the Southern parts of Africa.

Irene Kiwia, Co-founder and CGO, Adanian Labs also said, “We are proud to see one of our flagship startups, Afya Rekod, growing its impact globally. We are set out to build disruptive technology that will solve some of the most important challenges in Africa and beyond, and health is one of the sectors that require a multitude of interventions to improve quality access. We believe in Afya Rekod’s aims and visions and as we continue to support the company, we are confident that the impact it will create will be phenomenal”.

Dell Plans to Spend $20bn in 3 Years as Data is the World’s New Oil

Abidemi Ogunyemi-Aderibigbe
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Dell Plans to Spend $20bn in 3 Years as Data is the World’s New Oil

Dell Technologies is planning to invest $20 billion over the next 3 years in 6 major technologies as data is becoming the world’s new oil. The 6 technologies include 5G, artificial intelligence, edge computing, multi-cloud, cybersecurity, and machine learning.

According to the company’s senior vice president of the Middle East, Turkey, and Africa, Mohammed Amin who said

” These 6 technologies are going to be the trend in a couple of years to now. We are investing a lot of dollars and initiatives around it with lots of customers in the Arab kingdom”

Mohammed Amin laid emphasis on the importance of data in the nearest future stating that it will be the “new oil”. By 2030, the future of data is such that 50% of the global economy will be digital.

Edge computing is is another area of great interest to Dell. This is because 85% of data will be done using this technology in 3 years to this time.

Saudi Arabia is among Dell’s top 10 countries where the company has its largest office within emerging market areas with 300 employees.

Amin pointed out that ” due to our closeness to the customer, we understand the needs of customers in the Kingdom. Also, because we are a part of the customer-business transformation”

In conclusion, the vision 2030 and the company’s digital plans were as well cited by Amin as a key aspect of the Kingdom’s transformation.

 

Amitruck, Kenya-Based Startup, Raises $4 Million, Expands Into Uganda, and Tanzania

Hassan Barakat
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Amitruck, Kenya-Based Startup, Raises $4 Million, Expands Into Uganda, and Tanzania

Amitruck, a Kenyan tech-enabled logistics platform, offers solutions to help the shipping sector run more smoothly.

After raising $4 million in initial capital (increasing the total funds raised to $5 million), the firm, which has had a strong start in Kenya, plans to enhance its technical, operational, and sales teams in order to prepare for expansion into Tanzania and Uganda.

The intentions come as it appears to be the go-to platform for shippers and transporters operating in-country and cross-border business in the region.

The seed round led by Better Tomorrow Ventures (BTV), included Dynamo Ventures, Rackhouse Venture Capital, Flexport Inc, Knuru Capital, Launch Africa Ventures, Uncovered Fund, and other angel investors.

The digital logistics platform that launched in 2019, connects shippers with carriers who operate trucks, vans, tuk-tuks (three-wheelers), pickup trucks, and motorcycles, allowing them to negotiate haulage prices.

The software also allows shippers to modify services, such as adding off-loading fees.

The site offers information such as a transporter’s rating and the average number of trips made, which aids shippers in narrowing down their options.

Once all sides have reached an agreement, the process can proceed.

Unilever, L’Oréal; a beauty brand, SkyGarden; an e-commerce platform, and Twiga; a fresh produce marketplace are among Amitruck’s B2B customers in Kenya.

They also work with individual consumers, such as those who are relocating.

Amitruck’s partners insure the products they transport. In addition, the startup offers operational assistance.

“When you connect with us, you essentially offload the headache of transportation,” Amitruck founder and chief executive officer Mark Mwangi explained.

Mwangi is upbeat about the future, claiming that the logistics industry has great prospects for businesses like his who are seeking to restore order to the market.

In his trip, he will face competition from other firms such as Lori Systems and Sendy, which began in Kenya before moving to other African countries, and Kobo360, which is based in Nigeria.

Amitruck has over 8,000 cars registered on its platform, and Mwangi claims that income increased by 1,000 percent in 2021, up from 400 percent the year before, as COVID highlighted the need to automate supply chain procedures.

Last year, the company was approved into the JICA-backed Ninja Accelerator program, as well as AbInbev’s Budstart Accelerator and Google’s Black Founders Fund Accelerator, all of which give non-dilutive finance.

“This is a huge opportunity.” The intermediaries still control the majority of this market. Our clients’ personal vehicles trailed closely after.

In Africa, 99 percent of commodities must be transported by car. In terms of waterways and air, we don’t use them all that much.

And, at the moment, moving such goods can cost up to five times as much as it does in more established markets,” Mwangi explained.

Africa’s transportation and logistics sector is predicted to boom, especially after the continent’s already-signed African Continental Free Trade Area (AfCFTA) takes effect, making it the world’s largest single market.

Tanzanian Fintech Raises $10M Plans To Enter 12 More African Countries

Boluwatife Aponmade
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Tanzanian Fintech Raises $10M Plans To Enter 12 More African Countries

A Tanzanian fintech startup said it has been able to raise $10 million in a recent funding round and plans to use the funds to sponsor its expansion into 12 other African countries.

The Tanzanian fintech startup is called Nala. Nala is an app that enables payments from the U.K to African countries. Nala recently said it was able to raise $10 million in a funding round that had the backing of Amplo, Accel, and Bessemer Partners. Some of the angel investors that participated in the funding round are Vladimir Tenev, Founder of Robinhood, and Jonas Huckestein, Chief Technology Officer (CTO) at Monzo.

From the reports of news published by Fintechnews Africa, the Tanzanian fintech app already allows payments from the United Kingdom to five African countries: Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Meanwhile, after the just concluded fundraising, Nala is set to extend into twelve more African countries by the end of 2022, according to the news report.

The publication also revealed that Nala has started directing a part of its app suitable for people in business that will like to make payments to Africa. Furthermore, this new feature is made such that the app already comes with a multi-currency account function attached to it which enables users in the region to save local African currencies when abroad, the publication read.

Co-founder and CEO of Nala, Benjamin Fernandes said in a comment following the funding round why his firm decided to build this app.

“Payments in Africa are built 1%. It’s 2022 and Africa remains the most expensive place in the world to send money in and out of, until this changes, we are limited by the opportunities or trade across the continent. In the next 5 years, while logistics get better, more places around the world are going to trade in and out of Africa, we are positioning ourselves to be at the forefront of this change”, he said.

Nestcoin Secures $6.45M Pre-Seed to Accelerate Crypto and Web3 Adoption in Africa, Introduce its DeFi Projects

Hassan Barakat
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Nestcoin Secures $6.45M Pre-Seed to Accelerate Crypto and Web3 Adoption in Africa, Introduce its DeFi Projects

Nestcoin, a firm that produces, operates, and invests in web3 applications, and founded last November, has secured a $6.45 million pre-seed round.

Two of the most important drivers of crypto adoption on the continent are peer-to-peer transactions and retail trade. Yele Bademosi and Taiwo Orilogbon, the founders of Nestcoin, previously spearheaded the charge at Bundle Africa, one of the continent’s most well-known crypto trading platforms.

When Bademosi decided to start Bundle as CEO in 2019, he was the director of Binance Labs in Africa, handling the incubation and development of blockchain initiatives. The company’s chief technical officer was Orilogbon.

The Digital Currency Group can help you understand how Nestcoin works (DCG). LUNO, CoinDesk, and Bitso are among the more than 60 crypto and blockchain businesses and assets held by the Connecticut-based venture capital and holding company.

However, while DCG concentrates on western markets and developing custodial solutions for HNIs and institutional clients, Nestcoin primarily develops, invests in, and manages web3 and non-custodial products that are more accessible to regular people in frontier countries.

Decentralized Finance (DeFi), media, digital art, and gaming are all covered under Nestcoin’s offerings.

Last year, the business, which Bademosi defines as a venture collaborative, formed its Breach media department to provide bite-sized and educational crypto material for the typical African.

Metaverse Magna (MVM), a gaming guild that introduces members to the world of play-to-earn crypto-powered games like Axie Infinity, was also established.

Since 2020, the NFT-based online video game produced by Sky Mavis has been a hit, but it is costly to play.

MVM has purchased Axies and loaned them to members of its guild, with a revenue-sharing agreement in place. According to the firm, these individuals can earn up to $1,000 each month in the end.

MVM has received almost 2,000 applications since its start, according to Bademosi. However, just 400 gamers are now using the platform, which he hopes to raise to 1,000 by the end of the year.

Nestcoin also plans to launch its DeFi projects in the second quarter of this year.

In addition, the company will look into ways for platform content providers to earn cryptocurrency while educating the site’s 6,000 customers through defined learning courses.

The company’s pre-seed round, which is now the second-biggest in Africa and the largest in Nigeria and Sub-Saharan Africa, will provide it with the resources it needs to develop these and other products in its pipeline.

A portion of the funding will be used to sponsor web3 projects. The company has done so in a few initiatives, but the only one that has been made public is Lazerpay, which allows businesses to accept crypto payments. It recently supported AltSchool Africa, a startup that introduces Africans to software engineering and web3 courses like blockchain.

Nestcoin has also become involved in other projects, such as cooperating with Bitsika, a crypto-exchange platform, to produce a social token for Davido, an African musician.

Nestcoin, according to Bademosi, may form an independent fund to invest in and participate in such partnerships and projects in the future.

With employees in nine countries, the company has attracted key web3 and traditional investors to support its objective.

Distributed Global, Alter Global, Serena Ventures, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance are among them, while Ventures Platform, Future Africa, and Voltron Capital are among the local investors in the round.

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