By March 24, 2018

Nigerian Healthtech Startup LifeBank Secures USD 61 K From Germany’s Merck Accelerator

By March 24, 2018

Nigerian healthcare startup LifeBank has been shortlisted for the 6th round of the Merck Accelerator programme in Germany. A statement from the technology and science company in Darmstadt, Germany, announced Life Bank as one of the ten new startups taking part in the Merck Accelerator.

The startups drawn from around the world will operate from Merck accelerator hubs in Germany for three months. This program will enable them to develop product prototypes and exchange ideas with other startup teams and experts. LifeBank is the only African startup that made to the program.

The startups will be exposed to contacts needed to close their first deals and an additional USD 61 K in financial support.

LifeBank recently raised USD 200 K in seed funding towards nationwide expansion. Investors in the round include EchoVC Partners, a Lagos-based venture capital firm and Fola Laoye, an angel investor with over 20 years of experience in Nigeria’s healthcare industry.

Launched in 2016, LifeBank works with hospitals to find lifesaving medical products such as blood, blood products, oxygen, as well as vaccines to hospitals across Africa in the right condition. The health startup has moved 9248 products worth USD 360 K to 341 hospitals across hospitals in Nigeria.

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