Nigerian HealthTech Startup Secures Funding from EchoVC

By May 26, 2018 Investment News

Nigerian health startup, LifeBank has raised an undisclosed seed round led by EchoVC Pan-Africa Fund, with participation from CcHub Growth Capital and an undisclosed healthcare angel investor.

LifeBank, which is a last mile medical supply chain company, leverages technology to discover, organize and deliver essential medical products to hospitals such as blood supplies.

Since it launched in 2016, LifeBank has focused on optimizing its blood supplies given the size, fragmentation and severity of the need and boasts over 41 authenticated blood banks on its online platform having delivered to about 170 hospitals, helping to save over 1,000 lives so far.

The seed funding is expected to be used to extend its supply chain to include oxygen, vaccines, blood components and rare drugs as well as expand its coverage across Nigeria, particularly to Northern Nigeria, where reaching the last mile remains a very pressing issue.

The company is also planning a host of supply chain-focused solutions such as employing AI techniques to predict blood needs at the hospital level and utiizing blockchain technology to store authenticated non-alterable product information, as well as using drones to serve hard-to reach rural clinics.

Source: Technest