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Imperial is pleased to advise that MDaaS Global has raised $2,3m in seed extension funding, led by Newtown Partners through the Imperial Venture Fund, with participation from CRI Foundation, FINCA Ventures, Techstars, and Future Africa, among others. MDaaS Global is the healthtech company building and operating a network of modern, tech-enabled diagnostic centres across Nigeria. Imperial partnered with Newtown Partners to launch a corporate venture capital fund with an initial capital commitment of $20m. The fund identifies, invests in and develops emerging technology and disruptive business model start-ups in supply chain management, logistics and healthcare.
With this funding, MDaaS Global is launching ‘SentinelX', a digital health membership that champions preventive, personalized, and continuous care using proprietary technology. The extension brings MDaaS Global's total funding to date to $3.7 million; in addition to the launch of SentinelX, this new funding will see the company rapidly scale its physical footprint across Nigeria to become the largest diagnostic chain in the country.
Since its founding, MDaaS Global has focused on increasing access to critical diagnostic services for underserved and geographically challenged communities. SentinelX builds on that mission by democratizing access not only to technology-enabled primary care but also to comprehensive preventive care that helps members identify and address health risks before they become problems. SentinelX operates as an annual subscription-based membership starting at just N35,000 (c.$7 a month).
Over the past two decades, non-communicable diseases (NCDs), also referred to as lifestyle diseases, have risen dramatically in sub-Saharan Africa, driven by a growing incidence of cardiovascular risk factors like unhealthy diets, reduced physical activity, hypertension, and diabetes. And by 2030, NCDs are set to become the leading cause of mortality on the continent. SentinelX is poised to tackle this challenge head-on and empower members to take control of their long-term health.
To do this, the SentinelX membership includes:
Currently in private beta and with a speedily growing waitlist, SentinelX is set to launch publicly in September 2021. Prospective members can register via the website to schedule their diagnostic screening which looks at more than 65 unique biomarkers to assess individual risk for a wide range of diseases, including cancers, diabetes, kidney disease, and heart diseases. Clinical and family history as well as demographic data are also taken into consideration as part of the comprehensive analysis. Screenings are carried out at MDaaS-owned facilities, expediting a cost-efficient medical process for patients and effectively allowing the company to manage the full lifecycle and health journey of its customers. Members receive monthly check-in calls from their dedicated Care Team to monitor progress, make adjustments to their Care Plans, and supply answers to questions that may arise - providing patients with a holistic and proactive approach to their healthcare.
Speaking on the announcement, Oluwasoga Oni, MDaaS Global's CEO and Co-Founder said, "Unrestricted access to quality healthcare has always been our principal objective and the pandemic has compelled us to consider innovative ways of offering more proactive care. This additional funding will propel our growth as we look to serve more people and in more ways."He continues, "SentinelX combines a human touch - which is still needed, with advanced technology to provide faster, easier healthcare solutions for Nigerians. But importantly, it makes preventive care more accessible and affordable. This will pave the way for lowering overall medical costs for patients as well as improving their health outcomes in the long run."
Llew Claasen, Managing Partner at Newtown Partners believes, "Most consumers in sub-Saharan Africa receive suboptimal medical care because of infrastructure gaps, low physician density, delays in diagnostics, and a lack of health data visibility. We think the physical diagnostic infrastructure that MDaaS is building out, coupled with the means to collect data and deliver value-added software services, has the potential to completely change the way that physicians, clinicians and pharmacists do their jobs and lead to better health outcomes for a huge number of previously underserved consumers."
