Our Portfolio Company, MDaaS Global, has demonstrated outstanding growth this year, overcoming economic challenges with resilience.
MDaaS is on a mission to bring modern, tech-driven diagnostics to underserved neighborhoods across Nigeria and the whole of sub-Saharan Africa! With 18 locations nationwide, the healthtech is the third largest diagnostics network. They offer high-quality diagnostic services and focus on delightful patient experiences, fast turnaround times and accurate clinical reporting, which has resulted in a Net Promoter Score (NPS) of 92 and 4.7/5 Google review rating.
Around a year ago, MDaaS celebrated a 100K patient visits milestone. This year, the diagnostics company has surpassed a remarkable 200K patient visits!
On average, mdaas has doubled their annual revenue for 5 years in a roll now, with a CAGR of 101%. They are on track to double it again this year despite all the macroeconomic challenges.
Notably, approximately 60% of MDaaS’ patients are women. Through strategic partnerships with organizations such as CancerAwareNG, Healthtracka (another company in our portfolio), and Access Bank, MDaaS actively empowers more women to take charge of their health.
Furthermore, MDaaS set a key objective to achieve cash flow positivity in Nigeria this year. Remarkably, with their robust revenue growth, the company achieved positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the first time ever in May.
We are super proud of MDaaS and are rooting for the team. HealthCap Africa is committed to investing in healthtech companies that make healthcare affordable, acceptable and accessible in the continent. So far, we have 10 healthtech companies in our portfolio. Learn more about our healthtech companies here: Meet Our Healthtech Companies