MDaaS Global Secures $1.05M Seed Funding to Expand Primary Care Clinics Across Nigeria

VCBeat (WeChat ID: vcbeat) recently learned that medical startup MDaaS Global has completed a $1.05 million seed funding round. Founded at the MIT Entrepreneurship Center, the company establishes and operates primary care clinics in Nigeria. The funds will be used for clinic expansion, with plans to open 10 new clinics over the next three years.

MDaaS Global’s First Clinic in Nigeria (Source: Company Website)

According to documents filed with the U.S. Securities and Exchange Commission on March 15, this funding round aimed to raise $1.59 million, with an actual amount of $1.05 million raised, accounting for 66% of the total target. The remaining 34% ($540,000) is yet to be sold. A total of 12 investors participated in this round. Oluwasoga Oni, CEO of MDaaS Global, stated that the company is in the final stages of fundraising and expects to achieve 100% of its funding target by May.

MDaaS Global was founded in 2016 by Oluwasoga Oni and Chief Financial Officer Genevieve Barnard with the aim of providing high-quality, affordable primary healthcare facilities to underserved communities in Africa. In 2017, the company established its first clinic in Oyo State, Nigeria, offering diagnostic and treatment services to local patients. The clinic features an independent diagnostic laboratory, including departments for radiology, ultrasound, and clinical laboratory testing.

BeaconHealth’s X-ray Department (Source: BeaconHealth Official Website)

Operating under the BeaconHealth brand, the clinic achieved break-even within five months of operation. It has garnered widespread acclaim from patients for its superior consultation experience. Prior to visits, patients can schedule appointments with physicians online via WhatsApp and can also be conveniently referred to BeaconHealth from other medical facilities. Emphasizing a patient-centric philosophy, the clinic prioritizes patient satisfaction above all else. Post-consultation, the clinic establishes individual patient records and conducts regular follow-ups, which helps cultivate a stable patient base.

In September 2018, Nigerian venture capital firm Ventures Platform invested $100,000 in MDaaS Global. This was the company’s first round of funding after joining the “Techstors Impact” accelerator program at the MIT Entrepreneurship Center.

The MIT Entrepreneurship Center was established in 1996 and is responsible for the teaching, research, and development of entrepreneurship education at MIT. Adhering to the motto “Mens et Manus” (Mind and Hand), the Center focuses on integrating entrepreneurial knowledge with practical application. In 2011, following a dedicated donation, the Center was renamed the Martin Trust Center for MIT Entrepreneurship.

Ventures Platform is a venture capital firm in Nigeria, established in 2016. The firm focuses on investing in African healthcare technology companies, with a cumulative total of 26 investments.

Reference Links:

https://www.mdaas.io/

https://www.beaconhealth.io/

https://techpoint.africa/2019/04/03/mdaas-raises-funding/

(Compiled by: Yang Shaobo)