Over the past three years, the healthtech space in Africa and globally, has been experiencing exponential growth, thanks to the pandemic.

In these past years, we have seen more investment rounds closed by healthtech startups and the entry of newcomers into the space with solutions to the continent's undying health issues.

In an earlier report, the healthtech space is projected to reach a market value of over US$11 billion by 2025 and as it appears, Reliance Health is looking to play a pivotal role in the continent reaching that capitalization.

Lagos and Texas-based digital healthcare provider Reliance Health is the newest startup to land funding of $40 million in a Series B round. This funding is also the largest of its kind in the African healthtech space.

The startup was founded in 2016 by Femi Kuti, Opeyemi Olumekun and Matthew Mayaki. Reliance Health uses an integrated process to provide health insurance and telemedicine via partnerships with selected hospitals and healthcare facilities.

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Leading in this round is US-based investment firm, General Atlantic. And this will be the first investment made by the equity growth investor in Africa. Leading this round will add to the growing list of first-time investors leading growth rounds in the last two years, such as FTX, Avenir, SVB Capital and Fidelity.

Reliance Health provides immediate solutions like in-app chat with doctors and care providers, customers can also find healthcare providers near them to visit or get medications from and manage the delivery of their drugs.

According to the company, it has averaged a 3.5x year-over-year revenue growth from 2016 when it was launched.