Bangladesh Angels Network Forays into Healthcare with doctorKoi Investment
[Dhaka, Bangladesh] — Bangladesh Angels, the pioneering angel investment network in the country, has closed a pre-seed investment into Renssoft Solutions Limited, makers of the widely used prescription software, doctorKoi Smart, along with a related doctors network and data portal.
Bangladesh has one of the lowest doctor-to-patient ratios in the world, with only one doctor for 3,000 patients. In this situation, the average doctor is spending 1.5 hours every day to hand write prescriptions. Those handwritten prescriptions are another means of suffering for patients, causing misinterpretation and misdiagnosis and often leaving them vulnerable to retailers wanting to push high margin but low quality medication. In the past two years, the Renssoft team have worked to introduce and mainstream a lightweight, easy-to-use prescription software, allowing doctors to auto-fill data and generate and print out easy-to-read prescriptions for patients. Not only that, they have partnered with some of the largest pharmaceutical companies in the country to customize and distribute the software to their doctors’ networks. Over time, they have added value added services such as automated, SMS-based reminders to patients to take their medicines and check in with the doctor, as well as automation and analysis tools for pharmaceutical companies to increase sales, understand trends and make better marketing and investment initiatives and decisions.
The Covid crisis has accelerated the move towards their vision of end-to-end digitization of the doctor’s chamber and doctor-patient interaction. This includes facilitating online booking and consultations between their doctor’ network and patients. The team is also working on a consumer portal and a related e-commerce solution that would aggregate medicine orders from patients.
“I’ve had the privilege of being part of this company’s journey since the very beginning, and I’ve seen very few combinations of extraordinary product vision and commercial savvy in the founding team [of Sadman Soeb, CEO, and Areek Zillur, CTO] in the healthtech ecosystem in Bangladesh, along with pure hustle. The tremendous growth of the business is a testament to the hard work and dedication of the founders, and we are glad to partner them with investors from among the network who have bought into their vision and have clear ideas to help,” says Nirjhor Rahman, the CEO of Bangladesh Angels. Julian Weber, founder of Selise, and one of the angels in the syndicate adds that the Angels “made this investment in anticipation of the rapidly growing health care sector of Bangladesh and the convincing grassroots market and business development approach of Doctorkoi.”
The investment from BAN is being used to develop the technology platform, a well-rounded team to execute on the business model as well as accelerating the product roadmap. Both new and existing investors are working together to help the company prepare itself for growth and a future seed round. Since the investment, the team has been able to expand their portfolio of pharmaceutical partners, and have seen a 250% increase in prescriptions being generated on the platform on a monthly basis over the previous year..
The official signing was done at DoctorKoi’s offices in Dhanmondi, Dhaka.
For further details, interested parties can reach Nirjhor Rahman, CEO, Bangladesh Angels, at nirjhor.rahman@bdangels.co or +8801706356116.
About Bangladesh Angels Network
Launched in 2018 with support from local and international stakeholders, Bangladesh Angels Network is the nation’s first angel investment network created with a mission to nurture the innovation and entrepreneurship ecosystem in Bangladesh. We help startups and rising enterprises accelerate their growth through customized pre-investment support, connections to local and global investors as well as mentorship and market development. Investors get access to a highly curated deal-flow across sectors, invest alongside industry leaders and post-investment portfolio monitoring. Prospective angel investors and entrepreneurs can go online to sign up for the network or apply for funding via www.bdangels.co.
About Renssoft Solutions
Renssoft Solutions LTD is a software company that has a deep interest in the health-tech space with its own brand Doctorkoi.com running its operation with many different products/services for different stakeholders in the healthcare industry. Since the inception, the company has focused on key challenges that are existing today in the industry, taking an active approach to solve them in the most efficient way. The company has a reputation to work with most expert physicals around the country and reputed pharmaceuticals who are leading the industry. Along with it, the company had exposure working in renowned accelerator programs like GPAccelerator, Spark etc. The full management board and the co-founders are very enthusiastic about the product/services the company offers and the solutions that change the lives of everyday patients & doctors in Bangladesh.
