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RoundUp: Nigerian Startup ScholarX Raises US$100,000, MDaaS Global Closes US$1M & More

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RoundUp: Nigerian Startup ScholarX Raises US$100,000, MDaaS Global Closes US$1M & More

Nigerian ScholarX Raises US$100,000 in Pre-Seed Funding

Nigerian EdTech startup ScholarX has secured US$100,000 from Angel investors.

The startup which aims to secure US$200,000 pre-seed funding within a month will use the new financing to launch new products and grow its team.

“We are primarily raising for our new model, called SkillsFund, which we are ready to run a full pilot of in July,” said Bola Lawal, Co-founder and chief executive officer.

ScholarX was founded in 2016 by Bola Lawal and Maxwell Ogunfuyi is a Social Enterprise platform that supports education by helping students access scholarships.


Nigerian Healthtech Startup MDaaS Global Closes US$1M Seed Funding

Healthtech startup MDaaS Global, which is building a network of tech-enabled diagnostic facilities in Nigeria, has closed on seed funding totalling US$1 million led by Consonance Investment Managers, with participation from TechStarsFINCA Ventures, an investment initiative of FINCA International, and others.

The round will see MDaaS scale and replicate its innovative diagnostic center business model, as the company seeks to open 100 additional centers in Nigeria and West Africa over the next five years.

Founded in 2016 by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord, MDaaS was incubated at MIT’s Legatum Center for Development and Entrepreneurship and was part of the inaugural Techstars Impact class of 2018.

The company launched its flagship diagnostic center in Ibadan, Nigeria’s 3rd most populous city, in November 2017 under its patient- and physician-facing brand BeaconHealth.

To date, the company has served over 9,000 low- and middle-income patients, speedily identifying health issues and connecting them with a variety of medical specialists and affordable treatment options.

Read: Meet The 10 Startups Selected to Compete at Seedstars Nairobi 2019

Nigeria’s Arnegy Secures US$9M Series A Funding

Nigerian distributed utility company Arnergy has closed a US$9 million Series A funding round led by Breakthrough Energy Ventures (BEV).

The state-owned Norwegian Investment Fund for Developing Countries, better known as Norfund, the EU-backed EDFI ElectriFI electrification financing initiative and independent impact investing company All On took part in the transaction as well.

Arnergy offers distributed renewable energy systems that combine solar power generation, storage solutions and remote management technologies. Since its inception, Arnergy has installed more than 2 MW of capacity and over 5 MWh of storage for business and residential clients across Nigeria.


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Image Credits: ScholarX

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