Unitus Capital acted as the financial advisor to this transaction while K Law was the legal advisor.
AddressHealth, a primary healthcare network exclusively for children, has announced $1.5 million in Series A funding led by Gray Matters Capital with participation from existing investor, Unitus Seed Fund. Reportedly, the company which runs school-based neighbourhood clinics and school health programmes, will use the investment to expand the model to other schools in Bengaluru and other geographies. As per estimates from Unified District Information System for Education, there are more than two lakh schools in urban India, a large number of them catering to low and middle income population. Bengaluru alone has nearly 2,500 private, unaided schools. By leveraging partnerships with schools, AddressHealth manages to reduce costs associated with retail healthcare while simultaneously increasing the reach of affordable preventive healthcare.
AddressHealth has reached more than one lakh children through on-site services and screening programmes to identify health issues and provided early intervention to prevent them from suffering as young adults.
“With its disruptive market-based model for paediatric healthcare, AddressHealth has served more than 100,000 children already; what I believe to be a fraction of their future potential,” said Bob Pattillo, veteran impact investor and CEO & Founder of Gray Matters Capital. “We are excited to partner in their growth story and scale across India to serve the masses effectively.”
“We believe that the unique and powerful service delivery model in partnership with schools will help AddressHealth scale effectively, not only in providing curative care, but also in providing preventive intervention for infectious and non communicable diseases. We are happy to partner with them in their growth story as they make India’s children healthier,” said Dave Richards, Managing Partner at Unitus Seed Fund.
“The funding allows us to expand the reach of our unique model of healthcare, which leverages schools, to deliver comprehensive primary healthcare to children proactively, at a low cost,” said Dr Anand Lakshman, CEO of AddressHealth. “We will use technology to further expand our reach, reduce costs and promote proactive preventive health action by parents and schools, to make children healthier and happier,” added Dr Anoop Radhakrishnan, co-founder of AddressHealth.
Unitus Capital acted as the financial advisor to this transaction while K Law was the legal advisor.
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