Nigeria’s MDaaS Global closes its $1m seed round
by africabusinesscommunities 2019-06-21
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Healthtech company MDaaS Global, which is building a network of tech-enabled diagnostic facilities in Nigeria, has closed on seed funding totaling US$1 million. Led by Consonance Investment Managers, with participation fromTechstars,FINCA Ventures, an investment initiative of FINCA International, and others, the round will see MDaaS scale and replicate its innovative diagnostic center business model, as the company seeks to open 100 additional centers in Nigeria and West Africa over the next five years. 


MDaaS was created 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. Where available and up-to-date, health services are unaffordable for most of Nigeria’s population, and expensive out-of-pocket costs discourage patients. MDaaS leverages its vertically-integrated supply chain, technology platform, and patient-centered design to provide modern, convenient services at a price point patients can afford. It offers a wide array of high-impact diagnostic procedures from simple malaria tests to echocardiograms and pap smears. And MDaaS’ affordability is helping change the healthcare narrative, with basic procedures, like obstetric ultrasounds, starting at just US$4. 


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. The company launched its flagship diagnostic center in Ibadan, Nigeria’s 3rd most populous city, in November 2017 under its patient- and physician-facing brand BeaconHealth. 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. 


(picture source: VentureBurn)