Healthtracka, a Lagos-based healthtech, which initiated an at-home lab testing platform has raised $1.5 million in seed funding.
Seed funding also known as seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
The tech company is changing the narrative and bringing to the fore, the proverb, “prevention is better than cure“. It was gathered that Ifeoluwa Dare-Johnson launched the company with Victor Amusan in May 2021.
This development comes five months after its participation in the Techstars Toronto accelerator program last October.
According to this World Health Organization (WHO) article on treating cancer, detecting symptomatic patients as early as possible gives them the best chance for successful treatment. Though the piece is a template for cancer treatment, it applies to any disease, deadly or not.
Diagnostics is at the center of healthcare; without it, doctors and physicians cannot offer treatment. But in emerging markets like Africa, where infrastructure is lacking and the doctor-to-patient ratio stands at a staggering 1:5,000, regular checkups are often considered an afterthought.
Dare-Johnson worked several years in the healthcare space before starting Healthtracka. At some point, she led marketing efforts at a diagnostic center. What pushed her to tackle the problem was a firsthand experience of the issues late, or no diagnostics can cause.
She stated:
As a scientist, I studied biochemistry in school and worked in the lab, so I knew how important diagnostics was. But it wasn’t until about four years ago, when my dad had passed, that I started to look closely into the space,” the founder and CEO told TechCrunch in an interview. “We live in Africa, where healthcare infrastructure is poor. So you would think that that would make people more conscious about their health, knowing nobody will save them. Unfortunately, that’s not the case.
Meanwhile, telemedicine usage in Africa has skyrocketed since the pandemic as it addresses some of these challenges discouraging patients from making routine checkups. However, there are gaps in what telemedicine can cover. For instance, after most doctor consultations, patients are required to visit hospitals for lab tests, which makes up to 70% of all clinical decision-making. Then there’s the issue of convenience when patients feel reluctant to visit a laboratory or hospital.
“These were some of the problems that I saw clearly and wondered how we could get healthcare to that level where you can be at home and access it. We thought that could be a game changer to how healthcare delivery can be improved in Africa. Somebody needed to come into that space to think about how to solve these operational challenges, build the logistics, technology, and the infrastructure to support the idea of at-home lab testing.”
Healthtracka is a website where individuals can book their lab tests online, 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.
The one-year-old healthtech focuses on preventive care and partners with lab centers—which send their phlebotomists to customers’ homes—to diagnose.
Dare-Johnson said the team’s experience in the diagnostic field helps it create quality checklists to vet these lab centers, one of which is meeting the standard ISO laboratory accreditation.
Meanwhile, Healthtracka also works with doctors to review results and specialists for further consultation. But while a typical test covers phlebotomists’ trips and doctors’ reviewing results, customers pay extra when Healthtracka connects them with specialists if the diagnosis is worrying.
“If you do your full body checkup with us, and there are indicators that show you need to pay attention to some of your markers, which our internal doctors cater to. But if they feel you need to seek a specialist opinion on the result’s marker, then we refer you to a specialist,” the CEO stated.
According to Dare-Johnson, the company has delivered close to 7,000 tests at home. Its revenue is growing 30% month-on-month as a result.
Dare-Johnson added:
“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,” the chief executive said. “This will help reach more people, save more lives, and ensure that healthcare is better in Africa.”
The funding is expected to assist Healthtracka in its next growth phase as it also scales its B2B2C offering where partner companies in Nigeria can deliver at-home testing to their employees.
Investors in this round include Africa-focused early-stage VC Ingressive Capital and U.S.-based venture fund Hustle Fund. Angel investors included Alumni Angels Alliance and Flying Doctors.
Maya Horgan Famodu, founder of Ingressive Capital on the raise said:
Ifeoluwa is hungry and very bright. 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.
