MDaaS raises $3 million pre-Series A to improve healthcare access in Nigeria

March 6, 2024
2 min read
MDaaS co-founders

The news: 

  • MDaaS Global, a Nigerian healthtech startup that provides tech-enabled healthcare services to clinically underserved communities in Nigeria and across Africa, has announced raising $3 million in pre-Series A funding.
  • Lagos-based and female-founded Aruwa Capital Management and Newton Partners co-led the round, while Ventures Platform participated. 
  • The startup intends to use a portion of the funds to expand its healthcare network, establishing a presence in each Nigerian state through a combination of company-owned and affiliate clinics. The company expects this move to improve access to healthcare in Nigeria. 

MDaaS, co-founded in 2017 by Oluwasoga Oni (CEO), Opeyemi Ologun (Country Manager), and Genevieve Oni (CFO), offers several health services at its diagnostic centres, including imaging (digital x-ray and ultrasound), cardiac services (ECG and echo), and other lab services such as chemistry analysis, immunoassay, and haematology.

Given how elusive quality healthcare is in Nigeria, people tend to ignore prevention and wait until they need to treat illnesses. Consequently, many potentially fatal diseases, particularly those that are not contagious, go undetected until it is too late. 

However, MDaaS is attempting to address this crippling healthcare challenge by increasing access to diagnostics and preventive care through the use of cutting-edge technology. The company believes the new investment will help it further its mission. 

Patients can access these services through the company's SentinelX app, a personalised care programme that allows them to pay a yearly service fee to access a doctor. 

SentinelX, initially designed to serve individuals, has since been redesigned to focus on businesses.

Per CEO Oni, “While SentinelX didn’t perform as well as a B2C product, it has been highly successful as a B2B product.” 

He stated that the company now focuses on serving corporations by providing annual employee screenings, pre-employment screenings, and government-mandated screenings. 

The CEO noted that these business-centred services are now an essential source of revenue for the company, in addition to individual customers who still visit its centres for screenings.

MDaaS, which builds and operates tech-enabled diagnostic clinics in multiple locations, said it will use the new funding to scale BeaconOS, its proprietary technology platform that debuted in 2023. 

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BeaconOS is a company-owned technology platform that digitises patient records, streamlines appointment scheduling and optimises diagnostic workflows, improving healthcare access, efficiency, and outcomes for millions of underserved Nigerians. 

Currently, the healthcare company operates 17 diagnostic centres across 10 states, serving over 275,000 patients, most of whom are female. The company intends to build an additional 23 diagnostic centres. 

MDaaS operates in 25 Nigerian cities and works with over 1,300 clinical partners, 34 Health Maintenance Organisations (HMOs), and approximately 1,000 organisations, including hospitals, pharmacies, health tech startups, and corporate partners. 

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