Nigerian health tech business, CribMD closes $2.6 million seed round for expansion
Nigerian health tech startup, CribMD, has closed a $2.6 million seed round for product growth and team extension.
This funding round was led by US-based VC, Sputnik ATX, Swedish accelerator, Norrsken, and mass media company, The Guardian Nigeria. This new funding brings the startup’s total investments to $2.85 million.
Founded in June 2020 by Ifeanyi Ossai, Ngiri Michael, and Lorna Mae Johnson, CribMD carries out affordable subscription-based telemedicine and doctor house calls on-demand in Nigeria where primary care is in short supply.
In February 2021, the startup raised an initial investment of $100k for this round from Sputnik ATX — a US accelerator.
Ifeanyi Ossai told Techpoint Africa that they had exceeded their $2 million seed round target.
“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.”
What the funding is for
The startup wants to use this new funding to expand its current team of 36 professionals and grow its network of partners. The startup has notable customers like The Guardian Nigeria — one of the investors in this round — Bora Communications, IHS Towers, Energy Batteries Nigeria limited, and NeoTech. They intend to focus more on growing corporate subscribers in Nigeria and other African countries and working towards servicing the B2B and B2C markets equally.
CribMD has subscription packages for all classes of people, with its services costing between $7 and $50 monthly.
Apart from consultancy, diagnosis, prescriptions, and lab tests, the startup is currently experimenting with different service delivery features to provide easy-to-use services.
CribMD is currently servicing over 50,000 patients and making $55,000 in monthly revenue. The platform is working towards making $24 million in annual recurring revenue within the next 12 months.