Nigerian HealthTech Startup SonoCare Secures Funding From Gray Matters Capital’s coLABS Funds
Port Harcourt-based on-demand mobile diagnostic imaging startup SonoCare has secured funding to the tune of USD 250 K from coLabs funds. The investment is made through the gender lens portfolio, GMC coLabs of the US-based investor, Gray Matters Capital. The investment amount, which will be given out in tranches, is linked to milestones achieved by the startup.
Founded in 2015, SonoCare uses a web/mobile resource for patient information transmission and inter-disciplinary collaboration. The startup currently operates in Port Harcourt, Rivers State, the Nasarawa State capital of Lafia, Sagbama in Bayelsa State and also in Otukpo, Benue State, all in Nigeria.
Dr. Moses Owoicho Enokela, Managing Director, SonoCare, on the occassion of fundraising, said, “We are excited to partner with GMC coLABS as our first institutional investor, as we both share the vision and passion to positively impact the lives of women. With this investment, we will be able to scale our operations through our mobile app in addition to deploying more mobile units. This will push us to reach our first 200,000 pregnancies by 2020 and to profitability.”
The healthtech startup that uses mobile technology to perform ultrasounds to offer instant results to healthcare practitioners and patients claims to have screened more than 26 K women from 17 rural communities in Nigeria. It has reportedly detected over 15 K high – risk pregnancies thereby helping women save over USD 620 K in seeking medical help.
“With its mobile diagnostic services, SonoCare detects pregnancy complications before they become threats to the lives of women, giving those in low resource areas a better chance for safer pregnancies and deliveries”, said Jennifer Soltis, Portfolio Manager – coLABS, Gray Matters Capital.
Gray Matters Capital’s coLabs fund focusses on startups that are solving problems, especially for women in the underserved regions. The impact fund provides revenue share investment capital to startups between the range of USD 50 K to 250 K. The GMC coLabs fund had invested in Ghana’s Redbird HealthTech in July this year.
“We are proud to support the work of Dr. Moses, a determined and resilient entrepreneur who has brought to market a solution to a problem that most lack the grit to attempt to solve at scale. We’ve been very impressed with what he’s accomplished with modest resources and can’t wait to see what the future holds for him”, added Jennifer.