Port Harcourt-based Nigerian medical startup, SonoCare has raised $250,000 funding from Gray Matters Capital as it gears to scale up its services to reach more users. Gray Matters Capital made the investment through its gender focused portfolio division, GMC CoLabs.
#Africa #Funding Announcement – Our Gender Lens portfolio #GMCcoLABS has today announced that it has backed #Nigeria based #mobile diagnostic imaging #startup @SonoCare_ng up to $ 250,000 to reduce the incidence of pregnancy deaths in rural Nigeria. https://t.co/HWAixCE68A pic.twitter.com/Qr2mJETPZo
— Gray Matters Capital (@GMC_Impact) November 21, 2018
According to some reports, the funding will be disbursed in trenches only after the startup hits particular milestones. This investment approach is quite frustrating for startups, and literally means they’re bootstrapping. Yet it ensures they’re more resource efficient and gives investors greater sense of security.
Launched in 2015, SonoCare is an on-demand mobile diagnostic imaging company dedicated to providing quality healthcare in the diagnostic imaging industry. The startup was founded by Moses Owoicho Enokela, a University of Port Harcourt trained medical doctor.
SonoCare works to provide accessible and affordable diagnostic medical services directly at points of need. SonoCare uses both a web and portable devices for transmission of patients’ information and interdisciplinary collaboration.
It is the first to develop this approach in Nigeria and is also a leading provider of ultrasound services.
SonoCare is operating in a truly interesting field.
Our mission…our goal…what defines our success pic.twitter.com/RNPCQXpvUy
— SonoCare Healthcare (@SonoCare_ng) September 11, 2018
According to the United Nations Children’s Emergency Fund (UNICEF), 1 in 13 pregnant Nigerian women die during pregnancy or during childbirth. Unfortunately, most of these deaths are preventable when complications are properly diagnosed and addressed. 58,000 women die yearly from preventable complications during child birth or pregnancy.
SonoCare tries to address these challenges by providing medical scanning equipment to locations where they are needed quickly and cost-effectively too.
Since it launched, the startup has provided screen services in 17 communities and has screened over 26,000 women. In the process, an estimated 15,000 high risk pregnancies cases have been discovered.
SonoCare currently operates in four states of the country: Rivers, Nasarawa, Bayelsa and Benue State.
With the new funding from Gray Matters, the startup aims to break into new territory and develop a mobile app.
“With this investment, we will be able to scale our operations through our mobile app in addition to deploying more mobile units. This will push us to reach our first 200,000 pregnancies by 2020 and to profitability.”
Gray Matters’ $250,000 investment is the most recent funding round SonoCare has recorded. The startup is a pioneer cohort of the Tony Elumelu Entrepreneurship Programme (TEEP).
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