Healthtracka secures $1.5 million seed to expand across Africa
Healthtracka has raised $1.5 million in a seed round led by Hustle Fund and Ingressive Capital. Flying Doctors and Alumni Angels Alliance also participated in the round.
Founded in May 2021 by Ifeoluwa Dare-Johnson (CEO) and Victor Amusan (Head of Product), Healthtracka provides a web solution that enables individuals and companies to book lab tests, have their samples collected at home, and get their results via email within 48 hours. The tests range from fertility and STD tests to full body count and COVID tests.
For Healthtracka, testing gives them insights into the health of the user, hence they extend their services to provide free telemedicine consultation to patients who might need immediate medical services.
This funding will enable the Lagos-based healthtech startup in its next growth phase as it plan to scale its B2B2C offering where partner companies in Nigeria can deliver at-home testing to their employees. Earlier in March, Ifeoluwa told Benjamindada.com that Healthtracka will expand to other cities in Nigeria, Ghana, Rwanda and Kenya in 2022, this is part of what the startup intends to achieve with the funding.
Related Article: Inside Healthtracka’s efforts to provide prompt COVID-19 testing in Nigeria
The startup will also launch its subscription plans for its retail customers and its B2B play: offering APIs for telehealth service providers, hospitals, and pharmacies to provide at-home blood testing for their patients. "Our progress has moved from being B2C to an infrastructure play, somehow. We want to power digital diagnostics and empower healthcare providers to reach their customers where they are comfortable. This will help reach more people, save more lives, and ensure that healthcare is better in Africa." Ifeoluwa stated.
According to a recent analysis by real estate firm Knight Frank, Nigeria would need 386,000 extra beds and $82 billion in health care real estate investment to reach the global average of 2.7 beds per thousand people. Healthtracka has a National Health Coverage strategy, the co-founder and CEO had said that "[Healthtracka] does not intend to solve the problem for the middle-class only. We intend to leverage community advocacy starting with Lagos [then to the other parts of Nigeria and Africa] — we will go to these communities to screen people at home for important tests like cancer."
Related Article: How to increase investment in Africa’s healthtech sector
African female healthtech founders raised less than $2 million in 2021
In 2021, about 479 companies operating in the health sector received $379.6 million compared to the $90 million 180 companies received in 2020. The funding in the industry increased to $392 million in 2021, however, less than $2 million was raised by female healthtech founders. Interestingly, the investors that participated in the round are female-led venture capital firms.
Lauretta Hamza, a Communication Specialist at Ingressive Capital believes that "if innovators in the health sector would just ride on the waves of certain drivers, more funds will be invested in the sector, thereby transforming Africa’s healthcare system." These drivers, according to Lauretta includes the COVID-19 pandemic, one of the services that amplified Healthtracka was its COVID-19 home testing service.
"Not only did we anonymously use Healthtracka’s services in diligence and have a 10/10 experience, we recognized truly what this could become across the continent, even from just interacting with her team for tests. The product is high quality, on time, affordable, and unlocking the door for a healthier Africa." Maya Horgan Famodu, founder of Ingressive Capital said.
Five months ago, the startup was part of the African startups that made up the 66% of the 5th class of Techstars Toronto. In 2021, Healthtracka partnered with Fleri Inc., a United States-based insurance tech startup enabling immigrants to provide healthcare for their loved ones in Nigeria. Akazi Capital also invested an undisclosed amount in Healthtracka in 2021.