Nigeria’s digital health startup, LifeBank, raises $200k in new funding
LifeBank, a Nigerian startup delivering blood to hospitals, has raised $200,000 in a new seed round that involved EchoVC Partners, a Lagos-based venture capital firm, Fola Laoye, an angel investor, and Co-Creation Hub, a Nigerian social innovation centre.
The funding is meant to expand the operations of LifeBank to Abuja, Nigeria’s capital and Kaduna, a state in the northern part of Nigeria, in the next 18 months. Temie Giwa-Tubosun , Lifebank’s founder and CEO, said it is crucial for the company to expand to northern Nigeria where private health services are not rampant and participate more in a public-sector led market, according to Quartz, an online media platform.
“It’s increasingly clear that to get a significant chunk of the market we have to work with government systems. We want to use Kaduna as a model of what we can do in that market.” said Giwa-Tubosun.
LifeBank charges fee from delivering pints of blood to local hospitals in Lagos. The startup has earned revenues of nearly $100,000 since its launch in 2015. Last year, LifeBank was part of the Co-Creation Hub (CcHub) and Google PitchDrive when 14 African tech startups were taken on a three-week European tech hub tour with the aim of raising of EUR20 million (US$22 million) in investments.
For the expansion drive, the company will also diversify into other medical products such as oxygen, vaccines and antivenin, which are usually in short supply in Nigeria’s local hospitals.
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a graduate of Linguistics and a staff writer at Outrepreneurs, Deji's forte includes tech, startups and innovations. Years back, Deji wrote on Entertainment and Lifestyle for a tabloid. If he wasn't a writer, Deji would be a photographer or teacher.