Ivorian healthtech startup, Susu, has successfully secured $4.9 million (€4.5 million) in funding to fuel its growth initiatives. The funds will be allocated towards expanding into new African markets, diversifying acquisition strategies, and enhancing its digital platform. Investors in this round include INCO Ventures, Al Mada Ventures, Janngo Capital, Open CNP, Health54 (CFAO Healthcare), Launch Africa Ventures, Five35 Ventures, and Plug and Play Ventures, along with various business angels.
Founded in 2019 by Bola Bardet (CEO), Laurent Leconte (CTO), and Sandrine Egron (COO), Susu leverages technology to provide innovative solutions at the convergence of health, finance, and insurance. The startup, already serving over 7,000 clients in Côte d’Ivoire, Senegal, and Cameroon, aims to extend its footprint to other Francophone African nations and North Africa.
Susu’s approach involves offering care packages, known as bundles, to patients requiring close supervision for managing long-term health conditions like diabetes and hypertension. The company’s unique financing solution allows patients to pay their bills and a monthly subscription fee. Family members, whether nearby or abroad, can contribute to or pay for their relatives’ at-home medical care through these care bundles.
With a focus on chronic and preventive health issues, Susu’s 360° digital platform serves as a communication channel connecting Susu’s internal teams, medical providers, financial contributors, and beneficiaries. The company’s mission is to enhance medical accessibility, especially for individuals in their home countries who have family members in the diaspora.
Omar Laalej, Managing Director of Al Mada Ventures, highlighted the undercapitalization of the insurance industry in sub-Saharan Africa, indicating that Susu’s solutions could increase opportunities for insurance product distribution.
The funding will be instrumental in expanding the company’s workforce, reinforcing marketing, operations, and finance teams in France and Africa by 2024, and enhancing its digital platform to reach more individuals in need of personalized healthcare solutions.
The success of Susu’s recent funding round reflects the growing interest in digital healthtech startups and the increasing adoption of technology-aided healthcare services in Africa. The continent’s healthtech sector is projected to generate $5.37 billion in revenue in 2023, with healthtech startups utilizing technological methods accounting for 8.4% of the total number of funded startups in Africa.