Savannah Fund and NY based Betam Group have co-led a seed investment round into Ethiopia’s Healthtech startup Orbit Health in a move that will see it increase its reach to more users in Ethiopia.
Savannah Fund’s Managing Partner Mbwana Alliy, said, “Orbitly has the potential to transform Ethiopia’s healthcare ecosystem by through digitization across both public and private hospitals and clinics. I look forward to spending more time in Ethiopia to bring our experience on the continent and internationally to help Orbitly succeed”.
Other diaspora HNW investors participated in the round to help Orbit Health increase its human capital to roll out its ambitious growth plans and delivery of its contractual wins in Ethiopia as well as invest in its digital offerings curated to healthcare facilities in Ethiopia.
The fundraise comes at a time where 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, with a contract amounting to $63M over 5 years.
“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,” said Pazion Chernet, Co-Founder & CEO of Orbitly. “I am especially proud to announce our first external fund raise that coincided with our double win in digitizing Ethiopia’s health care with our partners JSI, the USAID and Ethiopia’s Ministry of Health.”
Pazion believes the fundraise will enable the firm to deliver on its promise at a scale.
Betam Group’s co-founder, Amanuel Alemu, commenting on their investment into Orbitly 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. This represents the second investment in the relatively short life of our firm and we couldn’t be more excited at the potential we see for Ethiopia and Africa as a whole to support start-ups like Orbitly, that are driving real change on the continent”,