Funding profile · Emerging market health insurance

Reliance Health

Two Form D filings, lodged on the same day in February 2022, account for $48,267,398 of the $48 million the company says it has raised. Nothing has been filed since.

$48.27MSold across two Form D filings
$40.0MSeries B, 9 investors, first sale Jan 25, 2022
$8.27MEarlier offering, 33 investors, first sale Mar 11, 2020
$4.44MAverage per investor in the Series B

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Winter 2017 Y Combinator batch Not disclosed Y Combinator YC data
2017 Seed, months after YC $2M Not itemised in reporting TechCrunch
Jan 2020 Series A, announced $6M Led by Partech, with Y Combinator, LoftyInc, Golden Palm, Picus, Ventures Platform Company release
First sale Mar 11, 2020 Equity and options, Rule 506(b) $8,267,390 sold, fully subscribed 33, not named Form D
Feb 7, 2022 Series B, announced $40M Led by General Atlantic, with Partech, Picus, Tencent Exploration, AAIC, P1 Ventures, Laerdal Million Lives Fund, M3 Company release
First sale Jan 25, 2022 Equity, Rule 506(b) $40,000,008 sold, fully subscribed 9, not named Form D

What the filings show

Reliance Health Inc. · Form D · filed Feb 8, 2022

First sale
Jan 25, 2022
Offered
$40,000,008 equity
Sold
$40,000,008 · nil remaining
Investors
9 · average about $4,444,445
Exemption
Rule 506(b)
Related persons
Femi Kuti, Lagos (executive officer, director); Opeyemi Olumekun, Lagos (director); Tidjane Deme, Paris (director); Christian Braunfisch, New York (director)
Issuer
Delaware corporation, Austin, Texas address, industry given as Other Technology, revenue declined
Filing
SEC EDGAR, CIK 0001908845, accession 0001908845-22-000002

Reliance Health Inc. · Form D · filed Feb 8, 2022

First sale
Mar 11, 2020
Offered
$8,267,390 equity plus options to acquire
Sold
$8,267,390 · nil remaining
Investors
33 · average about $250,527
Exemption
Rule 506(b) · no finders fees, no proceeds to officers
Related persons
Femi Kuti, Lagos; Opeyemi Olumekun, Lagos; Tidjane Deme, Paris
Filing
SEC EDGAR, CIK 0001908845, accession 0001908845-22-000001

Reading the filings

  1. The Series B is nine cheques.$40,000,008 divided by 9 is about $4,444,445 each. That is fund money, not a syndicate. The eight dollars over $40 million is the artefact of a per share price, so the round priced to a share count rather than a dollar target.
  2. The 2020 filing is bigger than the round it was announced as.The company announced a $6 million Series A in January 2020. The Form D covering that period reports $8,267,390 from 33 investors, about $250,527 each, with a first sale on March 11, 2020, after the announcement, and with options to acquire among the securities. It reads like the seed, the Series A and employee paper swept into one notice. No amendment narrows it.
  3. One filing was two years late, the other was on time.Form D is due within 15 days of the first sale. The 2022 offering was filed 14 days after its first sale and one day after the press release. The 2020 offering was filed on that same day, close to two years late. The record was cleaned up in a single sitting when a US filing agent was needed.
  4. Regulation D covers essentially the whole reported total.$8,267,390 plus $40,000,008 is $48,267,398 against a claimed $48 million. There is no meaningful gap between the filings and the announcements, which is unusual.
  5. The lead investor is not on the paper.General Atlantic led the Series B and said so publicly, yet no General Atlantic person is listed among related persons. The one director added between filings is Christian Braunfisch of New York. Partech’s Tidjane Deme appears on both. Co-founder Matthew Mayaki appears on neither.
  6. Four and a half years of silence.No Form D since February 8, 2022. In July 2025 the company cut 106 roles to reach breakeven. Either the Series B is still funding the business, or anything raised since sits outside Regulation D and leaves no filing.

Commercial signals

Signal Detail Source type
Licence Reliance HMO Limited, entry 62 of 94 on the NHIA accredited HMO list, ID 92, Gbagada, Lagos. Public record
Market 21.7 million Nigerians insured in 2025, about 13 percent of the population, up from 19.2 million in 2024. Premiums rose 8 to 59 percent by tier over the same year. Public record
Cost action 106 roles cut in the week of July 15, 2025, aimed at breakeven that quarter. Product and technology spared. Independent
Geography Nigeria, Cairo from late 2022, Senegal from 2024 or 2025. Egyptian sales reported as softer than expected. Independent
Scale 3,800 or more partners globally, over 2,000 Nigerian hospitals, 200,000 individuals and 600 businesses at the Series B. Unaudited and unfiled. Company-stated
US records No FDA clearance, registered trial, NIH or NSF award, and none expected. Not applicable

What to watch

  • A third Form D, or an amendment to either 2022 filing.
  • Whether the July 2025 breakeven target was met, and whether the company says so.
  • Any board change. A General Atlantic seat has never appeared on a filing.
  • Updated member and corporate client counts, last given publicly in early 2022.

The Reliance Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Remedial Health: Also in Healthcare Services. A Lagos company that sells wholesale medicine to Nigerian pharmacies and lends them the money to stock it
  • AlemHealth: Also in Healthcare Services. Battery powered imaging hardware and cloud reporting software built for hospitals with unreliable electricity and thin bandwidth
  • Loop Health: Also in Healthcare Services. A Pune company that sells group health insurance as a licensed broker and employs its own doctors to deliver the everyday care those policies do not cover
  • Evry Health: Also in Healthcare Services. A Dallas startup that did not build a layer on top of health insurance

Sources

  1. Public recordForm D, Reliance Health Inc., 0001908845-22-000002SEC EDGAR · Feb 8, 2022
  2. Public recordForm D, Reliance Health Inc., 0001908845-22-000001SEC EDGAR · Feb 8, 2022
  3. Public recordNHIA accredited HMO list, entry 62, ID 92NHIA · Sep 2026
  4. Public recordHealth insurance coverage in Nigeria rises to 21.7m in 2025Nairametrics · Mar 7, 2026
  5. IndependentNigerian healthtech startup Reliance Health raises $40MTechCrunch · Feb 7, 2022
  6. IndependentYC-backed Reliance Health lays off 100+ people in breakeven pushNotadeepdive · Aug 6, 2025
  7. IndependentCondia Insider: Why African healthtech is strugglingCondia · Sep 29, 2025
  8. CompanyReliance Health raises $40M in Series B led by General AtlanticReliance Health · Feb 7, 2022

Compiled from SEC and Nigerian public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. US device, trial and federal grant records do not apply to this company. Healthcare Venture Capital Fund holds no position in Reliance Health. This page is not an offer to sell or a recommendation to buy any security.