Africa native and investment advisor Eric Osei gives a summary…
Nigerian Health tech Company, MDaaS Global has raised $1 Million in seed funding led by Consonance Investment Managers, an investment initiative of FINCA Ventures, Techstars, and others.
Where available and modern health services are expensive for most of Nigeria’s population, MDaaS was devised to address the lack of high-quality, affordable diagnostic services available for low and middle-income sub-Saharan Africans, starting with Nigeria’s 130 million low- and middle-income patients.
The startup will use this round to open four more centres over the next year; with the overall goal of opening 100 additional centres in Nigeria and West Africa over a five-year period.
Founded in 2016 by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord, MDaaS was incubated at MIT’s Legatum Center for Development and Entrepreneurship and was part of the inaugural Techstars Impact class of 2018.
MDaaS’ affordability is steadily changing the healthcare narrative, with basic procedures such as obstetric ultrasounds starting at just US$4. It also offers a wide array of high-impact diagnostic procedures from simple malaria tests to echocardiograms and pap smears.
Mobolaji Adeoye, Managing Partner at Consonance Investment Managers, says: ‘Africa significantly trails global metrics in affordable and quality healthcare. MDaaS’ mission to build the physical and technological infrastructure required to provide affordable diagnostic services across Africa fits our investment theme: access to essential services. We are very excited to partner with Soga and his team on this journey.’
The company launched its flagship diagnostic center BeaconHealth in Ibadan in November 2017 under its patient and physician-facing brand. MDaaS has partnered with over 60 referring health facilities at Ibadan, and also partners globally with corporates, Health Maintenance Organizations (HMOs), and developmental organisations seeking top-tier diagnostics for their employees and beneficiaries.
To date, the company has served over 9,000 low and middle-income patients, speedily identifying health issues and connecting them with a variety of medical specialists and affordable treatment options.