MDaaS Global, a Nigerian health tech company dedicated to improving healthcare accessibility, has successfully raised $3 million in pre-Series A funding. This financial backing was led by Aruwa Capital and Newton Partners, with additional support from Ventures Platform, bringing MDaaS’s total investment to $6.8 million. The funding will be instrumental in launching BeaconOS, the proprietary technology platform introduced by the company last year, and expanding its healthcare network to cover all Nigerian states.
In a statement released by MDaaS, the company expressed its commitment to addressing the ongoing healthcare challenges in Nigeria and across Africa. The region faces obstacles in healthcare access, with a tendency for people to prioritize treatment over prevention. MDaaS aims to combat this by enhancing access to diagnostics and preventive care, an area where the company has already gained recognition.
MDaaS, founded in 2017 by CEO Oluwasoga Oni, Opeyemi Ologun, Genevieve Oni, and Joseph McCord, currently operates a network of 17 diagnostic centers across 10 states in Nigeria. The company plans to construct an additional 23 centers in the coming years. The diagnostic centers offer a range of services, including digital x-ray and ultrasound imaging, ECG and echo cardiac services, as well as various lab services such as chemistry analysis, immunoassay, and hematology.
Patients access MDaaS facilities through the SentinelX app, a personalized care program that allows them to pay a one-time fee for yearly access to a doctor. Originally designed as a customer-centric product, SentinelX has evolved to cater more to businesses, particularly in providing annual screenings for corporate employees.
CEO Oluwasoga Oni stated in an interview with TechCrunch, “While SentinelX didn’t perform as well as a B2C product, it has been highly successful as a B2B product. We now focus on serving corporates and conducting annual screenings for their employees.” The company has also incorporated pre-employment and government-mandated screenings, which have become significant sources of revenue.
The newly secured funding will support the launch of BeaconOS, MDaaS’s proprietary operating system for diagnostic facilities, providing visibility into day-to-day operations, patient visits, and clinical results. Additionally, MDaaS plans to expand its healthcare network to cover all Nigerian states through a combination of company-owned and affiliate clinics.
MDaaS’s integrated care network involves collaboration with over 1,300 referring clinicians across more than 1,000 organizations, including hospitals, pharmacies, health tech startups, corporate partners, and 34 Health Maintenance Organizations (HMOs). Since its inception, MDaaS has provided care to over 275,000 patients, with the past year alone serving 108,724 patients, where women constituted 60.8% of the total.
The company conducted over 240,000 diagnostic tests, with chest x-rays, urinalysis, and full blood count ranking among the top three procedures. CEO Oni highlighted the prevalence of lifestyle and non-infectious diseases like cancer, hypertension, and diabetes among the workforce and emphasized the importance of early detection and care.
With the new investment, MDaaS plans to develop new applications on the BeaconOS platform, including an affiliate clinic portal for real-time patient referrals and results management. The company also aims to integrate with HMOs to streamline authorization processes and develop a patient-facing app for appointment booking, result access, and health insurance management.
Adesuwa Okunbo Rhodes, founder and managing partner at Aruwa Capital, expressed excitement about partnering with MDaaS Global, stating, “We are thrilled to partner with MDaaS Global on their mission to revolutionize healthcare delivery in Africa. MDaaS’ track record of consistent and impressive growth, as well as their dedication to bringing high-quality diagnostics to high-need patients, resonated deeply with us.”
As MDaaS continues its mission to revolutionize healthcare delivery in Nigeria and beyond, the funding infusion provides a significant boost to the company’s efforts in addressing critical healthcare challenges and improving access to essential diagnostic services.
