top of page
Search
  • Writer's pictureRCS Ottawa
    • Feb 4, 2018
    • 1 min read

Investors are backing a startup tackling Nigeria’s blood delivery challenge


Two years after launching with an unfashionable, but vital, business idea, Lifebank, a Nigerian startup focused on developing a smarter way to deliver blood to Lagos hospitals is getting new funding to expand its service.

The startup has closed a $200,000 seed round to drive its growth for the next 18 months. Investors in the round include EchoVC Partners, a Lagos-based venture capital firm and Fola Laoye, an angel investor with over 20 years of experience in Nigeria’s healthcare industry. The round also saw participation from Co-Creation Hub, Nigeria’s leading tech hub where LifeBank has been incubated since launch, through its Growth Capital fund which targets social innovation startups.

Since its launch, while servicing a sliver of the market which founder Temie Giwa-Tubosun believes exists, LifeBank has moved products valued at $360,000 and has earned revenues of nearly $100,000 from charging a fee for delivery. In total, using WHO-approved equipment, it has moved 9,000 pints of blood. The startup now plans to expand and start off operations in Abuja, Nigeria’s capital, and also in Kaduna, a state in Nigeria’s north. Full Story

#Africa

4 views0 comments

Recent Posts

See All

Global coronavirus deaths have been falling—but scientists are worried that more infectious new variants of the virus may reverse those trends. As quickly as vaccines were developed, the virus has ev

We have a long road ahead before a vaccine is safe, effective and, most crucially, widely available. We need a multi-pronged public health strategy that includes a national testing plan that utilizes

Messenger RNA (mRNA) is a pivotal molecule of life, involved in almost all aspects of cell biology. The last decade has seen improvements in the delivery of a new class of mRNA drugs. In molecular bi

bottom of page