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Lagos-based startup LifeBank confirmed today that it closed a $200 000 seed round. The round was led by EchoVC Pan-Africa fund. Angel investor Fola Laoye and CcHub Growth Capital also participated in the round.
It follows a report by Quartz Africa in January that the Nigerian startup, which delivers blood supplies and essential medical supplies to hospitals, had closed a $200 000 seed round.
LifeBank’s Ifeoluwa Olokode, who oversees “partnerships and growth” at the startup, confirmed the seed round in an email. “Yes, this round announced by EchoVC is the same round of funding covered in the Quartz article.
In a press release to Ventureburn today (7 May), EchoVC stated that LifeBank will use the capital to extend its supply chain to include oxygen, vaccines, blood components and rare drugs. In addition, LifeBank will also expand its service across Nigeria, with a particular focus on Northern Nigeria.
Earlier this year LifeBank was invited to join Merck’s Global Accelerator Programme
LifeBank was founded in 2016 by Temie Giwa-Tubosun. LifeBank’s website states that the startup has served over 300 hospitals, moved over 9000 products and claims to have “saved over a 1000 lives”.
In the press release Giwa-Tubosun said the startup is “on a mission to build a big businesses that saves lives”.
“Busy hospitals across the developing world often struggle to access essential medical products that they need to deliver great world-class care. When this happens, people die, especially vulnerable people,” she said.
“LifeBank collates real-time inventory information, deploys the information to hospital clients using both high and low tech, and moves products in the right condition and on time. Our big audacious goal is to build the best healthcare supply chain that can promptly deliver essential medical products to every last mile point in the developing world,” she added.
LifeBank in March became one of the first African startups to be invited into the Merck Global Accelerator Programme.
Featured image: LifeBank via Twitter