Susu, a company located in the Ivory Coast and France, has raised $1 million in pre-seed money to provide affordable and accessible insurance services to its consumers in the Ivory Coast, Senegal, and Cameroon.
Although angel investors contributed the majority of the funding, BPI France, France state investment bank, gave $1.2 million in loan and grant support.
Bola Bardet founded the company with Laurent Leconte and Sandrine Egron after the death of her father due to a long-term illness.
What We Know About Susu
Susu offers care packages to pregnant women at high risk of diabetes and hypertension problems, as well as others with chronic illnesses.
Patients can pay for their medical expenses using the company financing alternatives, and family members can help pay for the monthly subscription fees by purchasing care bundles for their loved ones.
Since its inception, the company has developed enormously. Because of the product’s success, the company’s 5,000-strong customer base rose by five times last year revenue surged by more than 400 percent in 2021, according to the company.
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The fresh funds will be used to hire more personnel, accelerate HealthTech expansion into expanding countries, and develop products to complement the business’s own technology, facilities, and relationships, according to the company.
Susu will be able to increase its personnel and introduce new items as a result of this funding.
Susu provides care packages or bundles to patients with chronic diseases such as diabetes and hypertension, as well as pregnant women, who require close monitoring and preventative guidance in order to live their best lives with their ailments.
According to some reports, Africa’s medical insurance penetration rate is less than 3%. While insurance incumbents and upstarts like CarePay and Reliance Health strive to make insurance more accessible to the rest of the market through partnerships with enterprises or weekly to monthly subscription payments, users are still compelled to pay out of pocket the majority of the time.
Susu tends to be unique in this regard. Susu proposes a collective financing solution in which family members living locally or in the diaspora can help patients finance their monthly subscription fees via care bundles in addition to allowing patients to finance their bills. Care packages are essentially medical calendars that include doctor appointments, nurse visits, SMS medical advice, and a variety of other medical activities for patients.
Nigeria and Ghana will be added to the company list of nations where it plans to provide services in the near future.