Iggbo Secures $13 Million in Funding to Expand In-Home Blood Draw Services

IgGbo, a tech startup that meets users’ blood-drawing needs, is headquartered in Richmond, the capital of Virginia. According to MobiHealth News, the company recently secured $13 million in financing. This round was led by Heritage Group, a venture capital firm specializing in healthcare investments. Previously, in January 2016, the company raised $6 million in seed funding. To date, its total funding has reached $19 million.

Hidden Business Opportunities in 1 Billion Intravenous Punctures

According to data from the official IgGbo website, annual healthcare expenditure in the United States amounts to $2.7 trillion, with 70% allocated to various types of diagnostic tests; the total cost of these tests accounts for 13% of the GDP. There are 1 billion venipunctures performed annually in the United States, which translates to more than 8,000 punctures per minute. A significant proportion of these procedures are conducted for blood testing.

Iggbo also noted that 70% of clinical decisions rely on patients’ blood test results. In so-called technology-intensive healthcare systems, there is little innovation in blood testing processes. Furthermore, one-third of blood draws ordered by physicians are not performed adequately.

Home Blood Draw: Flexible Scheduling and Location

The workflow for using Iggbo is as follows: Physicians enter the patient’s basic information, requested test items, and specific blood collection location via the Iggbo app, and then select the laboratory and phlebotomist for the blood test. Subsequently, the platform processes the physician’s order and dispatches a phlebotomist to the patient’s home or other designated location for blood sample collection. The blood samples are then sent to the selected laboratory for testing, and the results are reported back to the physician.

Iggbo has recruited over 8,000 phlebotomists across 120 U.S. cities, establishing an extensive phlebotomy network. The company partners with healthcare providers, such as physicians, enabling them to schedule blood draws for patients through its platform. Iggbo also offers reminder services via SMS, email, and phone calls to ensure patients do not miss their appointments. Once the blood draw is completed, the platform employs electronic tracking technologies to monitor the transport of blood samples, preventing loss during transit.

“We are not changing the way blood is drawn, but rather improving the efficiency of the blood collection process. Our innovation lies in transforming how laboratories enter the market, helping them deliver consistent, high-quality services across China and enhancing the efficiency of their information dissemination. Healthcare services are highly localized, making it extremely difficult for anyone to promote such services on a national scale,” said Nuno Valentine, President and CEO of Iggbo.

Building a Closed-Loop System for Telemedicine Services

IgGBO can help small laboratories or independent scientific and technical personnel connect to the healthcare system. In addition, the platform can be well integrated with other digital health products, such as telemedicine.

Nuno Valentine stated, “The prospects for telemedicine are promising, and we are collaborating with many large international suppliers. Imagine that when people fall ill, they can consult with physicians from the comfort of their homes and receive professional diagnoses. However, the vast majority of physicians require blood test data to make clinical decisions, and our service precisely closes the loop in telemedicine.”

IgGBO will leverage the new funding to further develop its proprietary technologies and explore laboratory testing modalities beyond blood tests.