This archive report was first published on 7 January 2020.
On January 7, 2020, Savannah Fund and NY-based Betam Group co-led a significant seed investment round into Ethiopia's Healthtech startup Orbit Health, marking a major milestone for the company.
Orbit Health aims to transform Ethiopia's healthcare ecosystem through digitization across both public and private hospitals and clinics. The investment will enable the company to increase its reach to more users in Ethiopia and support its ambitious growth plans.
According to Mbwana Alliy, Managing Partner of Savannah Fund, Orbit Health has the potential to 'transform Ethiopia's healthcare ecosystem by digitization across both public and private hospitals and clinics.' He expressed his enthusiasm for the investment, stating, 'I look forward to spending more time in Ethiopia to bring our experience on the continent and internationally to help Orbitly succeed.'
Other diaspora high net worth investors participated in the round to help Orbit Health increase its human capital and roll out its digital offerings curated to healthcare facilities in Ethiopia.
Orbit Health has been selected as a successful Ethiopian Digital Health company, part of the consortium led by US-based John Snow Inc, to help transform Ethiopia's healthcare digitally. The company has secured a contract amounting to $63M over 5 years.
Orbit Health's Co-Founder & CEO, Pazion Chernet, welcomed the strategic investors, stating, 'It gives me a great pleasure welcoming our strategic investors that will position us from a startup to high rise with their tremendous VC funding and growth experience and wisdom.'
Commenting on the investment, Betam Group's co-founder, Amanuel Alemu, said, 'Delivering quality care is crucial, and in the product Pazion and his team have built, we saw a great potential to do this in scale and to do it well.'
