Covad secures funding
October 17, 2013
Pharmacy-based health
insurance provider Covad has a
new Executive Chairman after
successfully completing a round of
venture capital raising.
Izak Pretorius, who’s a security
entrepeneur, industrialist, former
South African Businessman of
the Year and now Australian
resident, is taking on the role
after making a “substantial long
term commitment” to the Covad
business and its founder and md
Anthony Huxley.
Covad, which is the first ever
private health aggregator to
leverage the “bricks and mortar
pharmacy channel,” (PD 30 Aug)
will launch its consumer site at the
end of the month via pharmacies
across Australia.
Huxley said that Covad will debut
in close to 100 locations, followed
by a paced rollout of over 1,000
sites activated progressively across
the next twelve months.
“We’re pacing the rate of
site activation because we’re
committed to setting an industry
benchmark,” Huxley said.
“We’ve communicated that to
regulators, providers, pharmacies
and consumers and we’re sticking
to it...we’re forecasting as many as
50% of total retail pharmacy sites
being onboard within three years”.
Pretorius said that after looking
closely at well over 100 investment
proposals, mainly start-ups,
he was attracted to the Covad
business because “they’re not just
transforming the delivery of health
cover, they’re building a really
viable future for pharmacy too”.
See www.covad.com.au.
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