MDaaS Global, a health technology startup that is building a network of technology enabled diagnostic facilities in Nigeria, has closed a seed funding round worth $1 million. The funding which was led by Consonance Investment Managers, with participation from Techstars, FINCA Ventures, an investment initiative of FINCA International, and others, will see MDaaS scale and and hopefully replicate its diagnostic center business model.
The startup has said that it has plans to open 100 additional centers in Nigeria and West Africa over the next 5 years.
"This funding round fuels our next phase of growth, allowing us to continue providing modern, connected healthcare for Africa’s next billion. With diagnostics as the bedrock of modern medicine and key to the treatment of diseases like cancer, heart disease, and diabetes - which are on the rise within the continent - unbridled access to quality healthcare is crucial. We are immensely proud of our brick-and-mortar presence; merging physical patient care with state-of-the-art technology enables us to reach more patients with the care that they deserve," said Oluwasoga Oni, CEO and Co-Founder of MDaaS Global.
Affordable health diagnostic services for Africans
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 HealthTech startup launched its flagship diagnostic center in Ibadan, Nigeria in November 2017 under its patient- and physician-facing brand BeaconHealth.
The problem that MDaaS addresses is that, where available and up-to-date, health services are unaffordable for most Nigerians, and expensive out-of-pocket costs discourage patients. This is where MDaaS comes in to fill the gap and 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.
MDaaS' basic procedures, like obstetric ultrasounds, start at US$4.
Providing access to essential services
To date, the company has served over 9,000 low- and middle-income patients, helping to identify health issues and connecting them with a variety of medical specialists and affordable treatment options. Having partnered with over 60 referring health facilities, MDaaS serves as the centralized diagnostic department for surrounding hospitals and clinics within Ibadan.
MDaaS also partners globally with corporates, Health Maintenance Organizations (HMOs), and developmental organizations seeking top-tier diagnostics for their employees and beneficiaries.
"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," said Mobolaji Adeoye, Managing Partner at Consonance Investment Managers.Share this via: