According to a release by Nigerian early-stage funding firm, Ventures Platform, a new startup has been added to the firm’s portfolio, announcing its latest investment in Nigeria-based Healthtech startup MDaaS.
This information was publicized on a Medium post by the founding partner, Kola Aina. According to him, the firm has decided to make an investment of USD 100 K in MDaaS as an outcome of the startup’s commitment to building a future where African consumers have access to better health care irrespective of their income levels.
MDaaS was founded in 2016 by Genevieve Barnard and Oluwasegun Oni to be a healthcare enterprise that aims to provide high-quality and affordable primary health care facilities for the clinically underserved countries in Africa, starting with the most populous black nation. The startup was founded and incubated at the Massachusetts Institute of Technology (MIT), and their center is in the offering of radiology, cardiology and lab services.
Emerging from the need to bring a solution to the persistent challenge facing accessibility to functioning, safe medical equipment in the healthcare system, MDaaS has been able to tackle this by introducing software, being smarter about process design, investing heavily in an integrated supply chain, and sharing resources across a variety of locations. The startup has substantially dropped the cost of setting up and operating each center.
The first center of MDaaS launched in Ibadan, Oyo State, ten months back, and before its 5th month of operation, it had secured this break. Also, since January this year, the startup has continued to grow its revenue by 500 percent, showing the team’s capabilities to run and scale across Nigeria successfully.
Ventures Platform believes that MDaaS has what it takes to succeed, noting that the firm is happy to invest in the startup. According to Venture Platform’s Kola Aina, the firm is convinced that bold entrepreneurs will solve some of the essential issues in Africa using technology.
This development was first reported by Technextng