Nigerian e-health startup MDaaS, which builds and operates tech-enabled diagnostic centres in clinically-underserved communities, has raised US$100,000 in funding from Ventures Platform.
MDaaS helps hospitals access top-of-the-line devices and provides ongoing service support to ensure equipment remains operational.
The startup, which was recently accepted into the first Techstars Impact cohort in Austin, United States (US), has now secured US$100,000 in funding from Ventures Platform, which late last year expanded to Lagos and increased its cheque size.
Ventures Platform, which recently partnered the US-Nigeria Council to launch the Corporate Leaders Fund, has invested in a host of Nigerian startups, including Kangpe, Kudi.ai, Mobile Forms, PayConnect, Paystack, Proteach, Wesabi, Accounteer, Gerocare, ThriveAgric, Printivo and Wifi.com.ng.
“Diagnostic centres are clustered around urban areas, where the cost of equipment will be recouped faster. It is not uncommon to see people travel for hours to do basic tests. At the same time, according to WHO, non-communicable diseases such as cancer, diabetes, and heart disease will cause 46 per cent of all deaths in Africa by 2020, up from 25 per cent today,” said Kola Aina, founding partner of Ventures Platform.
MDaaS founder Oluwasoga Oni, Aina said, had seen these issues first hand at his father’s hospital while growing up, and was tackling the problem with MDaaS.
“By introducing software, being smarter about process design, investing heavily in an integrated supply chain, and sharing resources across locations, MDaaS has significantly dropped the cost of setting up and operating each center,” Aina said.
The first MDaaS centre went live in Ibadan 10 months ago, and reached break-even in month five. It has grown revenue by 500 per cent since January.
“They have learnt a lot from this primitive, and will focus on quickly replicating their success across Nigeria,” Aina said.
“In the past four months, we have only gotten more convinced that Soga, Genevieve, Joe, and Opeyemi will succeed and we share their commitment to building a future where African consumers have access to better healthcare, no matter their income level.”
You can read Disrupt Africa’s interview with Kola Aina, part of our “Meet the Investor” series, here.