Nigerian health tech startup, MDaaS Global, has successfully raised $3 million in pre-Series A funding, marking a significant milestone in its mission to enhance healthcare services across Nigeria. The round, co-led by Aruwa Capital Management and follow-on investor Newtown Partners, with additional support from Ventures Platform, brings MDaaS Global’s total investment to $6.8 million.
The latest funding injection will be instrumental in further developing MDaaS Global’s proprietary technology platform, BeaconOS, introduced last year. The startup, founded in 2017, operates a network of tech-enabled diagnostic centers throughout Nigeria. The goal is to extend this healthcare network to cover all 36 states in Nigeria, employing a combination of company-owned and affiliate clinics.
Aruwa Capital’s Founder and Managing Partner, Adesuwa Okunbo Rhodes, expressed excitement about the partnership, emphasising MDaaS Global’s consistent growth and dedication to providing high-quality diagnostics. The gender-lens investor also highlighted the company’s positive impact on women, constituting over 60% of BeaconHealth patients, and its commitment to building gender-diverse teams.
Since its establishment in 2017 by CEO Oluwasoga Oni, Opeyemi Ologun, and Genevieve Oni, MDaaS has evolved into a leading health tech provider offering a range of diagnostic services, including imaging, cardiac services, and various lab services. The company’s growth is evident in its current network of 17 diagnostic centers across 10 states, with plans to construct an additional 23 centers in the coming years.
MDaaS has not only expanded its physical presence but has also invested in technology. The introduction of BeaconOS last year and subsequent applications like Olewerk for optimising diagnostic workflows and Beam for managing occupational health for corporate partners showcase the company’s commitment to innovation.
MDaaS Global has made a significant impact on healthcare delivery, serving over 275,000 patients since its inception. In the past year alone, the company served 108,724 patients, with women representing 60.8% of the total. Over 240,000 diagnostic tests were conducted, emphasizing the crucial role MDaaS plays in early diagnostics and preventive care.
With the additional funding, MDaaS Global plans to introduce new applications on the BeaconOS platform, addressing critical issues in the healthcare system. These include an affiliate clinic portal for real-time patient referrals and digital integrations with Health Maintenance Organizations (HMOs) to streamline authorizations and claims processes. The company is also developing a patient-facing application for convenient healthcare management.
The need for improved diagnostics across Africa is highlighted by the World Health Organisation’s estimation that only about 30% of health facilities in Africa have the necessary equipment for basic diagnostic tests. MDaaS Global’s expansion and technological advancements align with the goal of achieving universal health coverage by improving access to diagnostic and laboratory services.
MDaaS Global’s success in securing $3 million in pre-Series A funding reflects not only its commitment to advancing healthcare in Nigeria but also the confidence of investors in its strategic vision. As the company continues to expand its healthcare network and technology offerings, its impact on improving diagnostics and healthcare management in Nigeria is poised to grow, addressing critical gaps and contributing to the overall enhancement of healthcare services across the continent.
