Nigeria’s Healthtech Startup, CribMD closes $2.6m seed round Plans Product Growth and Team Expansion

Nigerian HealthTech startup, CribMD has announced it closed a seed fund of $2.6million in a seed funding round led by US-based VC, Sputnik ATX; Swedish accelerator, Norrsken; and mass media company, The Guardian Nigeria. This fund brings the startup’s total investments to $2.85 million.

Founded in June 2020, by Ifeanyi Ossai (CEO), Ngiri Michael (CTO), and Lorna Mae Johnson (CFO), the startup ran its business with a $250k self-funded pre-seed round until February 2021 when it raised an initial investment of $100k in a round from Sputnik ATX — a US accelerator.

Ossai speaking on the round said that they exceeded their $2 million targets for this round because of investors’ interest. He added that the startup will use the funding to expand its current team of 36 professionals and grow its network of partners.

“Our investors recognize the value of what we’re doing and that we’re very profitable at it. We had to turn down several investments even from our current investors. Our $2 million was oversubscribed.

“We’ve raised it to specifically do team expansion, product enhancement, and sales and marketing,” said Ossai.

The business intends to focus on scaling its presence across Africa and working towards servicing the B2B and B2C markets equally. The startup has a platform that provides subscription-based on-demand healthcare services for Africans. With a monthly subscription, clients can communicate with a doctor; get house calls, and schedule telemedicine sessions or hospital visits via an app or website, while also providing health insurance service.

Apart from consultancy, diagnosis, prescriptions, and lab tests, the startup is currently experimenting with different service delivery features to provide easy-to-use services.