US-based impact investor Gray Matters Capital has made a $250 000 investment in Nigerian healthtech startup SonoCare through GMC coLABS, its investment portfolio which aims to improve the lives of women.
The Port Harcourt based startup — which was founded in 2015 by managing director Dr Enokela Moses Owoicho — currently provides an on-demand mobile diagnostic imaging service in Lafia (Nasarawa State), Sagbama (Bayelsa State) and Otukpo (Benue State).
In a statement yesterday, Owoicho (pictured above, right) said the investment will help the startup to scale its operations through its 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,” he said.
SonoCare currently provides a an on-demand mobile diagnostic imaging service across in three states in Nigeria
Gray Matters Capital said SonoCare is the first company in Nigeria to deploy a web or mobile resource for patient and inter-disciplinary collaboration.
The impact investor stated that it had invested in SonoCare as it leverages technology and innovation as a solution to the lack of affordable and easy to access diagnostic care services in Sub-Saharan Africa.
SonoCare has screened over 26 000 women from 17 rural communities and has detected over 15 000 high-risk pregnancies.
In addition, Gray Matters Capital said the startup has helped low-income, rural women save $626 568 in costs that could have prevented them from seeking medical help.
In July Gray Matters Capital announced that it had invested up “to $250 000” through GMC coLABS in Ghanaian medical diagnostics startup Redbird Health Tech.
In the same month, Gray Matters Capital issued a statement saying that it was looking to fund six new enterprises every six months through GMC coLABS — which invests up to $250 000 per company in revenue share investments.
Gray Matters Capital, in its latest statement, said it continues to invite applications for funding to GMC coLabs — from innovative and scalable for-profit, early-stage companies that improve the lives of women and girls with their products and services.
Last year the impact investor made its first investment in an African company by backing Rwandan solar kiosk micro-franchise African Renewal Energy Distributor (ARED).