Venture capital firm The Africa Group (TAG) has purchased a 25% interest in Ethiopian health systems engineering services provider Telemed Medical Services (Telemed), according to Ventures Africa. The financial terms of the acquisition deal were not disclosed in the said report.
Telemed founder Dr. Yohans Wodaje explained the importance of this investment to their company: "Venture capital is a crucial source of financing for start-up business like ours, having the potential of catapulting them to reach greater markets."
Through this deal, TAG will be able to tap into the fast-growing Ethiopian market, the report added.
Telemed is a healthcare services provider. In Ethiopia, the ration of doctors to patients is 1:30,000, with 80% of patients living far from health facilities. Telemed hopes to improve the situation in the country by helping patients gain easier access to healthcare services. The company does this by providing phone consultations, home visits, and ambulance dispatches to them, Ventures Africa reported.
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