MDaaS Globala health technology company and operator of Nigeria’s fastest growing healthcare network – BeaconHealth Diagnostics, has raised a $3 million Pre-Series A funding round.
The round was accompanied by Aruwa Capital Management and investor Newtown Partners. It also landed additional follow-on investments from Businessmen Platform, one of the company’s first institutional investors.
This new funding round brings MDaaS Global’s total investment to date to $6.8 million.
Digging deeper
The additional capital will be used to further develop the company’s proprietary technology platform, BeaconOSwhich was launched last year and to expand its healthcare network in all 36 states of Nigeria through a combination of company-owned and subsidiary clinics
By The Numbers
With a focus on reaching underserved communities, MDaaS Global launched its first diagnostic clinic in 2017, providing imaging, cardiac and laboratory services. Since then, the company has experienced remarkable growth, expanding to 17 locations in 10 states in Nigeria.
Through a combination of technology backbone and distributed care network, MDaaS Global has served over 275,000 patients to date and is currently supported over 1,300 healthcare facilities, companies and HMOs who rely on BeaconHealth for their diagnostic needs.
About BeaconOS
BeaconOS, the company’s latest technology, serves as the digital backbone of MDaaS Global’s healthcare network, similar to a computer’s operating system, that optimizes and connects their physical clinics, which act as “hardware.”
Built on top of BeaconOS is a suite of applications designed to both streamline healthcare delivery at BeaconHealth clinics and digitally integrate with the company’s diverse network of partner organizations.
Since first investing in MDaaS in 2021, we have been continually impressed by their ability to grow in a challenging market, their astute approach to technology development, and their ambitious vision to expand healthcare access across Africa.
Llew Claasen, Managing Partner at Newtown Partners
Last year, MDaaS released its first application, called Olewerkto optimize diagnostic workflows, currently deployed across all 17 of their locations and developed the first partner-facing application, Beamthat enables its corporate partners to seamlessly manage occupational health for their teams.
Development of New Applications
With this capital injection, the company will develop new applications on the BeaconOS platform that solve critical issues in the healthcare system:
- An affiliate clinic portal will facilitate collaboration with partner clinics across the country, enabling real-time patient referrals, seamless outcome management and standardized quality control. This digital integration will enable the rapid expansion of MDaaS Global’s clinic network and wider access to high-quality diagnostic services for communities across Nigeria.
- MDaaS plans to build and launch digital integrations with Health Maintenance Organizations (HMOs), aiming to disrupt traditionally manual and inefficient authorization and claims processes.
- Finally, the company is developing a patient-facing application that allows patients to book visits at MDaaS-owned and partner clinics, view their results, access follow-up care, and manage their records in health insurance – all from one central portal.
Because this matters
The need for improved diagnostics across Africa is critical. In 2023, the World Health Organization (WHO) Regional Commission for Africa estimated that only about 30% of health facilities in Africa have the necessary equipment to perform basic diagnostic tests, with marginalized and underserved populations most affected.
At the same time, the organization identified availability and access to diagnostic and laboratory services as one of the key pillars for achieving universal health coverage.
What they say
Adesuwa Okunbo RhodesFounder and Managing Partner of Aruwa Capital Management said, “We are excited to partner with MDaaS Global in their mission to revolutionize healthcare delivery in Africa. MDaaS’s track record of consistent and impressive growth, as well as their dedication to providing high-quality diagnostics to high-need patients, resonated with us deeply. As a gender lens investor, we are particularly excited to support a company that is driving change for women across Nigeria – over 60% of BeaconHealth patients are women, mostly of reproductive age – and MDaaS shares our commitment to building teams with gender differentiation. ”
Liu KlaassenManaging Partner at Newtown Partners shared, “At Newtown Partners, we invest in companies with the potential to make transformative changes in their industries, and MDaaS Global exemplifies that ethos. Since first investing in MDaaS in 2021, we have been continually impressed by their ability to grow in a challenging market, their astute approach to technology development, and their ambitious vision to expand healthcare access across Africa. We are excited to further support MDaaS on their journey and are confident in their ability to deliver value to patients and stakeholders.”
Oluwasoga Oni ends up, “Expanding our network across Nigeria is more than just growth. It’s about democratizing access to quality healthcare. With scale comes affordability, reach and the ability to drive systemic change. At MDaaS Global, we don’t just build clinics or software. we are building a healthier future for all Nigerians and hopefully for all Africans.”
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