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.
Deji Aroloye91 Posts
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.