These companies faced lingering issues such as foreign exchange scarcity; inadequate power supply, port congestion, multiple taxation, insecurity, and deficient infrastructure have taken a toll on businesses, particularly in the manufacturing sector.

Amidst the closure of local companies, several foreign operators also announced their plans to exit Africa’s largest economies last year, including GlaxoSmithKline Consumer Nigeria, Equinor, Sanofi, Bolt Food, and Procter & Gamble.

The tough business environment has not spared indigenous companies, highlighting the need for support from the government.

In a release on Thursday, BusinessDay listed no fewer than six domestic firms that shut down in the last 10 months.

See the list below:

1. Mayor Biscuits Company Limited (MABISCO):

– Ceased operations in March.

– Established in 2016, with a manufacturing capacity of 3.5 tonnes per hour and over 300 distributors nationwide.

2. 54Gene:

– A genomics startup that shut down in September.

– Existed for four years, raising $45 million in three funding rounds.

3. Lazarpay:

– A web3 and crypto payment company that shut down in April after two years due to a lack of funds.

4. Jubilee Syringe Manufacturing Company:

– Inaugurated in 2017, it ceased operations in December, citing unforeseen circumstances affecting business operations.

5. DropX:

– A delivery-oriented startup founded in 2021, closed its operations in December amid challenging economic conditions for startups.

6. Okadabooks: 

– A pioneer in digital publishing and bookselling, shut down in November after 10 years, citing insurmountable challenges in the rough macroeconomic conditions.

As Nigeria grapples with economic challenges, the shut down of these companies raises concerns about the broader impact on local businesses and the need for measures to support their resilience and growth.

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One of the major objectives for the creation of AfCFTA is the breaking down of national boundaries and other barriers that hinder cross-border trade, to allow for seamless trade and promotion of economic activities among African countries.

However, despite the very bright prospects of a new era of socio-economic prosperity on the continent, what may pose as an obstacle to the realization of the objectives of AfCFTA is the lack of visibility of African businesses, especially small and medium enterprises (SMEs), in the global business arena.

This lack of visibility, caused by the absence of a legal entity identifier (LEI), is the reason they cannot access the much-needed credit that should enable their growth.

Businesses in Africa face borderless trade financing challenges not only because of size, but because they are mostly unknown outside their domains.

While these businesses are not directly excluded from trade finance, they are often given unfavourable loan repayment terms which result in indirect exclusion.

To participate effectively in international business, therefore, African businesses, including SMEs and startups, must see Legal Entity Identifier as an imperative.

Legal Entity Identifier

Whether a business is registered on the African continent or in offshore locations as in some cases Mauritius.

The LEI is a major requirement due to mandates for trade reporting obligations such as the Financial Markets Act, 2018.

The use of LEI is required by African entities when they are trading and reporting and if conducting activities within the United States, European Union or the United Kingdom.

The global initiative gives business entities worldwide backing to succeed, especially with its roll out for African SMEs.

The LEI provides globally recognized business identities to SMEs. In innovative partnership local banks act as the first Validation Agent in Africa, using the bank’s usual onboarding process for business clients, including “know your client” (KYC) and “anti-money laundering” (AML) checks, to verify the identities and ownership information on businesses.

This helps SMEs access more favourable trade terms in international transactions and improve their access to finance.

The prospect of having African businesses best positioned for the global business arena explains the excitement that greeted the appointment of two African professional including Nigeria’s Dr. Folarin Alayande, a Nigerian international development economist, technology investor and financial services executive, as a non-executive director of the Global Legal Entity Identifier Foundation (GLEIF).

These appointments point to the significant and interest to drive the adoption of Legal Entity Identifier across Africa in alignment with GLEIF’s strategic priority of enabling digital trust for enterprises worldwide, and ultimately bringing more African businesses to the fore.

In 2023, Sub Saharan Africa witnessed significant growth despite the decline in funding over the last two quarters, which reflects global economic realities.

Although, Fintech startups and innovation hubs have thrived, particularly in countries like Nigeria, South Africa, Kenya, Egypt and Ghana, addressing diverse financial needs from payments to SME services.

Block chain and cryptocurrencies also gained traction; regulators worked on fostering innovation, while ensuring consumer protection. The use of AI and data analytics increased for credit scoring and risk management.

The Fintech sector played a crucial role in advancing financial inclusion, improving cross-border payments and addressing the financial needs of small businesses as well as individuals.

However, it wasn’t all rosy as concerns about e-fraud overshadowed some of the fine moments thereby highlighting the need for ongoing vigilance and regulatory adaptation in this rapidly evolving landscape.

This pressure persists, as industry watchers are concerned and worried about the rising global cost of funds and the declining shortage of investment across the continent.

Several startups in 2023, like PayDay, Bundle, Pivo, 54gene, Dash, Vibra, to mention but a few, either closed shop, or are on the verge of doing so, blaming the situation on financial and non-financial challenges, as well as lack of funding.

The year showed greater need to deepen corporate governance structures across Fintechs, and the overall financial service sector, especially for those seeking to explore international markets or seek funding rounds.

This is where LEI comes in to assist. As a globally recognized form of business identity, it would give African entities greater credibility when they apply for finance, engage in international trade and establish new supplier relationships for manufacturing processes.

The African Fintech landscape witnessed 26 publicly announced acquisitions over the last two years, according to Tekedia – a whopping 270 per cent growth from between 2019 and 2021. Industry players should therefore expect more of such moves from 2024. This figure is from publicly known acquisitions and shows significant growth of the African landscape.

It is expected that 2024 would bring in more consolidation of efforts among Fintechs and also between larger corporates and Fintechs, to explore synergies.

Mergers and acquisitions still serve as a strategic tool to allow startups to overcome the current funding landscape, while also delivering returns for existing stakeholders.

“Based on the current funding landscape, it is only fine to predict that more acquisitions would be considered by existing startups and the traditional banks and corporates seeking to leverage the strength and agility of the startups to consolidate on their offerings in the market”, according to Adeshina Adewumi, a renowned finance expert, Chief Executive Officer/Founder of Trade Lenda.

In conclusion, Africa needs improved investments to drive borderless economic activities with off-the-continent opportunity of creating an impact, particularly at a time AfCFTA is expected to boost borderless economic trade significantly, making Africa a single market of 1.3 billion people, and a cumulative GDP of over $3 trillion.

The company, founded in 2019 by Dr. Abasi Ene-Obong, initially raised an impressive $45 million across three funding rounds. However, it has been marred by frequent changes in leadership. In the past year alone, 54gene witnessed three CEO changes, culminating in the departure of Ron Chiarello in July 2023.

Report affirms that Chiarello confirmed the financial struggles that have led to the company’s winding down, stating that 54gene could not continue to operate financially, and it began to wind down in July.

As part of its winding-down process, 54gene is reportedly exploring options to find buyers for its assets, including a valuable biobank containing biological samples essential for research. While these assets are considered valuable, the progress of the sale remains uncertain.

However, legal troubles are complicating the closure further. Teresia Bost, the company’s former legal counsel and one-time interim CEO, has sued 54gene, alleging discriminatory behavior and a hostile work environment. These legal issues, along with claims of unpaid creditors, add a layer of complexity to the company’s already challenging situation.

Operating in the field of genomics is inherently capital-intensive, and the costs associated with sequencing equipment, data storage, and other expenses can quickly accumulate. Insiders with knowledge of 54gene’s operations have noted that the company still owes money to vendors who supplied medical equipment.

The startup expanded into diagnostics and established Seven River Labs in 2021, leveraging its success with COVID-19 testing. While it generated substantial revenue from COVID-19 testing, reports indicate that the company embarked on aggressive spending in the diagnostics space without considering market dynamics. By mid-2022, 54gene was grappling with financial difficulties, leading to salary cuts and layoffs.

The collapse of 54gene, once a flagship company in the genomics sector, is expected to have repercussions. Industry observers warn that this setback may cause global investors to hesitate when considering funding similar ventures in the future. The abrupt fall of a major player in the sector raises concerns about the sustainability of genomics startups and underscores the challenges inherent in this field.

As 54gene approaches closure amid controversy and financial woes, the industry will be closely watching its aftermath and its potential impact on the broader genomics and health tech landscape.

The following leadership changes were announced:

Ron Chiarello, PhD, has been appointed CEO after serving as co-CEO since earlier this year. Chiarello was previously founder, CEO, and Chairman of Alveo Technologies. He also founded Jetalon Solutions, Etalon Technologies, and Orion Metrology, and held research positions at Stanford University and Argonne National Laboratory.

Tobi Oke, Managing Partner of V8 Capital Partners, an African enterprise tech venture capital fund based in Lagos, Nigeria, has been appointed to 54gene’s Board of Directors. Prior to founding V8 Capital, Oke worked as the head of Intel Capital (Africa) and in leadership roles with Standard Chartered Private Equity, HSBC, and Booz Allen.

Temi Awogboro, Founding Partner of Alcent Capital and Co-Founder of Kairos Angels, and MAGIC, venture capital funds investing globally with a portfolio in Africa, will serve as an advisor and Board of Directors observer. Awogboro previously was Executive Director of TPG portfolio company Evercare Hospital Lekki and regional lead with Evercare Health Fund. She began her career at Goldman Sachs.

Teresia Bost, who served as interim CEO since last October, will remain with the company as an advisor. Bost has over 20 years’ experience in health care and has held leadership roles at Celgene, Jazz Pharmaceuticals, and Quartet Health before joining 54gene.

“We appreciate the tremendous contributions Teresia has made to the company and are enthused to have strong and experienced leaders helping move the company forward,” said Jenny Yip, Board Chair of 54gene and Managing Partner at Adjuvant Capital. “We have great trust and confidence in the vision and discipline Ron brings to his elevated role and are grateful to add Tobi’s deep investment experience and expertise in Africa to our board.”

“54gene is solving the issue of racial disparity in genomics data and paving the way for more inclusive healthcare outcomes,” said Oke. “With committed investors and partners in Africa and globally, we are solely focused on 54gene’s original mission and building a distinct and unprecedented platform in its diversity and scale.”

54gene aims to significantly improve the inclusion of data from African populations in genomics research. Most genomic data used for development research today is from Europe and North America, while less than 3% is from Africa. Increasing access to genomic data from African populations will improve the effectiveness and relevance of products to the health of African people and power therapeutic discoveries benefiting all populations.

The company’s 600,000-sample capacity biobank, which already holds 130,000 samples, is the largest commercial biobank in Africa and one of the most diverse in the world. Through its robust partner and clinical network on the continent, 54gene has access to millions of patients to support its mission. To date, the company has raised $45 million dollars from leading investors including Adjuvant Capital, V8 Capital, KdT Ventures, and Cathay AfricInvest Innovation Fund.

She will be supported by Chief Operating Officer Delali Attipoe, while Ene-Obong will retain his position as board member as he takes up a new role of senior advisor, continuously supporting the company in growth plans such as strategic partnerships, fundraising and others. 

This development follows 54gene’s staff layoff which took place two months ago due to decline in COVID testing. 

According to the company: “Going forward, the primary focus will be on the unique genomic research the company has started by further leveraging its genomic datasets derived from 54gene’s state-of-the-art biobank, that currently houses over 130,000 unique patient samples and corresponding genomic data, all with the objective of positioning the company to make contributions to precision medicine and drug discovery. This continues the meaningful work the company has invested in, whilst de-emphasizing the clinical diagnostic business line at the time.”

Ene-Obong is a seasoned business leader with extensive experience in the US, UK, & Nigerian healthcare industries.

He holds a PhD in Cancer Biology from the University of London, a Masters in Human Molecular Genetics from Imperial College London, and a Master’s in Business Management from Claremont Colleges, California.

He also worked as a cancer researcher and published a seminal paper on pancreatic cancer immunology in the Gastroenterology Journal. Abasi also worked as a life science/ healthcare management consultant for IMS Health (now IQVIA) and PwC in the US, working on projects for many of the top 20 BioPharma companies.

Among other notable mentions, Dr Ene-Obong has been recognized as one of Africa’s young innovators, one of Fortune’s 40 under 40 most influential people in healthcare, and is a Bloomberg Catalyst in recognition of his contributions towards accelerating solutions to global health problems.

He Co-founded 54gene as a health technology company equalizing precision medicine for Africans and the global population through innovative scientific research, advanced molecular diagnostics and clinical studies. 

The company is leading many genomic studies across multiple geographic regions in Africa. These studies have recruited more than 100,000 participants.

54gene is working to translate insights from these studies into solutions for the global community and ensure that Africa, a genetically diverse population, is adequately represented in drug discovery and other clinical research.

In relation to his exit, Ene-Obong stated: “I have always believed that the scale of genetic diversity in Africa and other highly diverse populations will materially impact our understanding of biology and lead to better medicines and interventions for the global population, and I am proud of what has been achieved at 54gene. 

I’d like to thank the 54gene Board for their support over the years, and the many talented scientists and technology professionals I have had the pleasure to work with during my time at the company. 

I will continue to support the company and the scientific ecosystem, particularly the African genomics ecosystem. Teresia and Delali bring decades of experience in building and scaling high-impact global pharma companies, and they also have deep insight into the workings of 54gene. I am excited to see them take the company to its next phase.”

The move is referenced to the reduction in COVID-19 testing which the company started when the pandemic kicked off in 2020.

In this regard, an investment of $500,000 was raised, targeted at improving Nigeria’s capacity to carry out tests for COVID-19.

Turning out to be one of Nigeria’s biggest COVID-19 testers, the startup had commendable scale during this period. However, the reduction in the impact of COVID-19 and reduced need for the test has led 54gene to let go of employees hired in relation to the operations.

Reports state that the startup had to make this adjustment so as to remain competitive in the market. Also, it plans to provide statutory support to affected employees, additional severance pay and health insurance coverage for a total of three months.

On a mission to ensure the inclusion of African genome in research, 54gene was founded by Abasi Ene-Obong in 2019. 

The startup is backed by Y Combinator, Adjuvant Capital, Cathay AfricInvest Innovation Fund (CAIF) and other investors. A total of $45 million has been raised by the biotech company since inception. Its latest round was a $25 million Series B closed last September. A year before this, it raised $15 million in Series A and in 2019, a $4.5 million seed round.

Under the purview of the Ministry of Higher Education and Innovation of Senegal,  a Memorandum of Understanding (MOU) was signed in Dakar with the The National Academy of Sciences and Technology of Senegal (ANSTS) and the Department of Human Genetics of the Faculty of Medicine, Pharmacy and Odonto-Stomatology of Cheikh Anta Diop University, Dakar.

The groundbreaking study will involve Senegal’s principal ethnolinguistic groups and will be critical in gaining an understanding of human evolutionary history and how this influences disease risk in different human populations. 

Studying the underlying genetic characteristics of the Senegalese population will give researchers and medical practitioners a clearer understanding of the hereditary links to health and disease in the country, as well as improving interventions for disease management and treatment.

As less than 3% of genomic data at present comes from African populations, SEN-GENOME has the potential to contribute to new discoveries, for the benefit of the Senegalese, Pan-African and global populations.

Through the SEN-GENOME study, Senegal will become one of the first African countries to establish a full ‘reference genome’, a database giving a full picture of the genetic characteristics of a given population. As such, Senegal is setting itself apart as an innovator in the field of genomic research. 

Senegal has historically been a focal point of migration from the continent and a crucial piece in the formation of the African diaspora. As such, this study has the potential to contribute significantly towards extensive and life-changing research related to the health of the world African population. In addition to important scientific discoveries, SEN-GENOME will pave the way for further research into ancestry and genealogy, providing fresh insight for people of African descent hoping to understand their ancestry.

Commenting on the signing of the agreement, 54gene founder and CEO Dr. Abasi Ene-Obong said, “Africans are the most genetically diverse population and this study is a significant step in enabling  Senegal to advance the practice of Precision Medicine in the country. We’re honored to collaborate with our partners in Senegal as the country continues to consolidate leadership and innovation by becoming one of the few African countries where genomics research is a reality.”

The study will recruit participants from all regions of the West African country and is expected to establish a baseline genetic characterisation of the Sengalese population. Through the collaboration, 54gene will bring its expertise and support the training of Senegalse scientists. 54gene is also committed to collaborating with their Senegalese partners on additional projects. 

Spokesperson for the National Academy of Sciences and Technology of Senegal, Professor Aynina Cisse, said, “SEN-GENOME is a research project initiated by the National Academy of Sciences and Techniques of Senegal (ANSTS), in collaboration with the Human Genetics Department of the Faculty of Medicine, Pharmacy and Odonto-Stomatology (UCAD).

The idea germinated, following the observation made by the researchers that the reference sequence of the human genome currently used, does not reflect the genetic diversity of the African populations in general and Senegalese in particular.” 

Principal Investigator and Head of Human Genetic Department of the Cheikh Anta Diop University, Dakar,  Professor Rokhaya Ndiaye Diallo commented, “The medicine of the future will depend on an understanding of the genetic heritage of each individual. The SEN-GENOME project, the first of its kind in Francophone Africa, aims to create a reference genome for Senegal, reflecting the genetic diversity of the population.

This database will be used to establish personalized medicine in order to improve the diagnosis, treatment and prevention of the most common diseases. It will also allow anthropologists to better understand the socio-cultural history of our communities in the interests of national cohesion.”

The Non-Communicable Diseases Genetic Heritage Study (NCD-GHS) consortium has published a paper in the esteemed journal, Nature Genetics, entitled “Promoting the Genomic Revolution in Africa through the Nigerian 100k Genome Project”.  

Through 54gene’s ACTG, the consortium operates as a unique public-private partnership involving leading African scientists guided by a team of global genomic leaders as the Scientific Advisory Board to achieve the mission of the ACTG.

The consortium, which is made up of scientists from 54gene, the Nigerian Institute of Medical Research, and the Center for Genomics Research and Innovation at the National Biotechnology Development Agency as well as researchers from multiple academic institutions in Nigeria and London School of Hygiene and Tropical Medicine, is built on a shared vision of positioning African populations to benefit from advances in genomic science. 

According to the paper, as of January 2019, approximately 3% of genomic data being used for genome wide association studies (GWAS) came from people of African descent, with this statistic dropping to 1.1% in 2021.

The paper details efforts in building an important resource that could significantly enable African populations to benefit from the global efforts at achieving precision medicine for various diseases.

This has been achieved through the production of a comprehensive catalog of human genetic variation, examining the characteristics of non-communicable diseases (NCDs) in 100,000 adults in Nigeria seeking to understand the genetic basis of the highly prevalent illnesses such as cancers, diabetes, Alzheimer’s, chronic kidney and sickle cell disease, among others.

Non-communicable diseases (NCDs) kill more than 41 million people every year, accounting for 71% of all deaths globally.

The prevalence of NCDs is projected to become higher than that of infectious diseases in Africa by 2030.  

The study spans the breadth of the Nigerian population with data gathered from the 6 geopolitical zones in the country and sampling from the majority of the more than200 ethnolinguistic groups, with ethically consulted participants being recruited falling under two categories: disease cases recruited from disease specialist clinics, and community cases which are individuals with initially unknown diseases recruited from communities through household surveys.

Commenting, Dr. Abasi Ene-Obong, 54gene Founder and CEO, said, “Along with our partners, we are proud to be leading the new frontier of African genomics. Precision medicine goes against the one-size-fits-all approach to disease treatment as it is more inclusive, with people treated on their unique genetic makeup.

With more than 200 ethnic groups and 500 different languages, Nigeria has one of the most diverse ethnolinguistic concentrations in the world. This pioneering study from the Nigerian population provides an excellent window into the representation of diversity across Africa. With recruitment nearly complete and the commencement of data generation and bioinformatics analysis, we are excited at how this study makes the promise of precision medicine more attainable to Nigerians, Africans and the global population.”

Dr. Segun Fatumo, co-lead NCD-GHS and the first author of the landmark paper said, “I am so proud of what NCD-GHS has achieved in only about two years. In our own eyes, 100K genomes of Africa are emerging from more than 300 diverse ethnic groups in Nigeria. The current lack of genomic diversity has resulted in significant missed scientific and medical opportunities, but NCD-GHS strategic vision to drive new large-scale studies with rich African genome datasets would  help fill some gaps. I am deeply honoured to be a co-lead of this initiative. The NCD-GHS’s public-private partnership with 54gene pioneers a model to increase diversity in genomic studies, including capacity building and plan to develop more genomic leaders in Africa.” 

Speaking on the publication of the research paper, Colm O’Dushlaine, Vice President, Genomics and Data Science at 54gene, said, “The 100k project supports 54gene’s core mission to equalize precision medicine, by building rich genomic datasets that will be used to generate powerful insights for the benefit of African, and other global populations. African populations are among the most diverse in the world.

“In the context of genome-wide association scans, more variation – more shots on goal – can help to provide new insights into the etiology of disease and drive novel therapeutic target discovery. The broader strategic objectives of the NCD-GHS are far-reaching. They include a focus on the creation of genomics leaders in Africa, efforts to increase the number of skilled African genomics scientists to help drive new studies and discoveries, initiatives that drive progressive health policy and practice, and the promotion of discourse and thought leadership on ethical, legal and social issues in genomics research and precision medicine. All of these are central to 54gene’s mission and values.”

Aminu Yakubu, VP Research Governance and Ethics, said, “Building on the legacy of the H3Africa project, the capacity building objective of the NCD-GHS in the 100K Genome Project is a strategic undertaking that would catalyse the future we envisage – of Africans with the skillset and knowledge, able to lead genomic insights generation and development to address health challenges faced by Africans over the long haul. It is a people-facing impact creation initiative that puts the social value of the work we do at the center, facilitated through the African Center for Translational Genetics.

“The focus of one of the NCD-GHS agendas on governance and ethics was deliberate to ensure that we are aligned with existing country-specific and international best practices. Our commitment to also support academic thought leadership on ethics and governance issues in genomics research would allow us to evolve as we learn of better ways to protect the welfare of research participants and ensure fairness in research collaborations.”

It goes without saying that technology has greatly improved accessibility, affordability and the effectiveness of medical services across the globe. This has been made possible by individuals and groups coming together to decentralise products and services across countries and continents. 

Healthtech companies have brought medical services to our doorsteps, solving the issue of distance and ridiculously expensive services. Definitely not limited to these, but the top 10 health startups we are watching this year include CribMD, DrugStoc, mPharma, Chekkit, Field Intelligence, 54gene, LifeBank, BYON8, Ilara Health and Healthtracka.

1. CribMD

Inspired by the need to bring on-demand medical services closer to individuals, Ifeanyi Ossai, Ngiri Michael, and Lorna Mae Johnson founded CribMD. The telemedicine startup provides a pay-as-you-go subscription model to service patients who can also request home services.

With a goal to ensure quality, affordable, and accessible healthcare services, CribMD offers Basic, Pro, and Family plans costing $7.87, $13.11, and $49.84 monthly. 

The startup, which has raised total funding of $2,600,000, was among the five startups enlisted in the Austin-based VC fund and accelerator, 2021 Winter Batch cohort on Sputnik ATX, from which it received $100,000 in investment.

2. DrugStoc

A startup with over 1,500% monthly revenue growth, Chibuzo Opara and Adham Yehia founded DrugStoc to fight the spread of fake and illicit substandard drugs across Nigeria.

The eHealth startup serves as a bridge between drug companies and medical institutions, in Nigeria and has linked over 400 manufacturers to 3,200 doctors, hospitals and pharmacies, ensuring quality pharmaceutical products are delivered across the country.

With its $4,400,000 Series A funding raised in November 2021, the startup set on an expansion plan into 16 Nigerian states and subsequently into other African markets beyond Nigeria.

3. mPharma 

Also on a mission to increase access to quality medications, Ghanaian-based mPharma is providing innovative financing and inventory management solutions to hospitals, pharmacies and patients.

Serving the millions of underserved communities who lack access to affordable medicines, mPharma operates in six African countries, and affirms to have partnered with 155 hospitals, 850 pharmacies and drugstores and has attended to over 2,000,000 patients.

The digital health startup provides analytical data to drug companies as well as health ministries and is building an infrastructure and a drug monitoring system that connects patients, hospitals and pharmacies to cloud-based software. Via its platform, doctors get real-time information about exact locations and availability of medication interest, enabling patients get more reliable access to medicines.

4. Chekkit

Incorporated in Nigeria and the USA, Chekkit is a blockchain technology company that protects users against counterfeited goods and drugs. The company, founded in 2018 by Dare Odumade, Tosin Adelowo and Samuel Ukhueleigbe, asserts to have pharmaceutical products, protected over 200,000 consumers, and expanded its partnership with the Afghan government to verify and track over 200 million products.

Its products include ChekkitApp which enables users to verify the originality of products before purchase, report fake products and win rewards. Chekkit’s second product is Consumer Intelligence, a blockchain-secured anti-counterfeit, consumer engagement and data collection tool for consumer goods and pharmaceutical companies.

The third product is Chekkit USSD which enables users to verify original products by dialling a code that works on all networks and phones.

5. Field Intelligence 

Field Intelligence is focused on bringing simplicity, affordability and effectiveness to the pharmaceutical supply chain. The startup was founded in 2015 to provide services to both large health companies and drug stores, helping them provide better services and thrive well in the sector.

The company’s partners include Unicef, Bill and Melinda Gates Foundation, McKinsey & Company, Pharmacists Council of Nigeria, Clinton Health Access Initiative, Nigerian Supply Chain Integration Project, among others.

Field Intelligence has over 30,000 locations under management, also manages 2,000+ medical products, more than $1.1 billion product value managed annually and has served 75,000,000+ patients so far.

6. 54gene

Located in Nigeria and the USA, 54gene is a healthtech company that builds on innovation. Bridging the gap in the global genomics market, the startup develops diverse datasets to unlock scientific discoveries to improve diagnostic and treatment outcomes within Africa and the global community.

The healthtech startup, with $44,700,000 total funding raised so far, was launched in 2019. In partnership with US-based biotech company, Illumina, 54gene launched its genetics sequencing and microarray lab in Lagos, in September 2020 and currently has a biobank capacity for 300,000 samples, but targets increasing this in the long term.

7. LifeBank

LifeBank leverages technology and a multi-modal distribution platform to deliver medical supplies to hospitals across Africa, with current operations in Nigeria and Kenya.

Interestingly, LifeBank uses Google Maps Platform to show the routes between blood banks, doctors, and drivers across locations; this has helped reduce delivery time from 24 hours to 45 minutes.

Backed by EchoVC Pan-Africa Fund, CcHub Growth Capital and several other investors, the startup continues to strengthen its focus in the optimisation of its blood supplies given the size, fragmentation and severity of the need. It has over 41 authenticated blood banks on its online platform and is trusted by over 500 hospitals, saving 10,401 lives so far.

8. BYON8 

Kenya’s BYON8 provides free symptom checkups to patients and seamless access to doctors 24/7. The company has partnered with non-profit organisations, ventures, universities and health industry leaders to guarantee great service provision for users.

The company was built on a goal to make high-quality healthcare more accessible, affordable and equal by digitizing healthcare on an individual level. 

One of its products, BYON8 PRO, allows users to interact with a network of quality healthcare professionals with the highest of standards. 

9. Ilara Health

Kenyan healthtech, Ilara Health leverages tech-powered diagnostic devices to save lives by making the service accessible and affordable to over 500,000,000 people who struggle to gain access to even basic medical services such as blood tests.

The company has partnered with over 800 clinics, has five medical labs, administered 100,000+ tests to over 100,000 patients.

In 2020, Ilara Health received a $1,100,000 grant from the Bill & Melinda Gates Foundation to develop effective antenatal care (ANC) interventions and tech-based solutions for pregnant women unable to access essential services during the COVID-19 pandemic. In December of the same year, the company raised $3,750,000 in Series A funding to further strengthen its goal.

10. Healthtracka

Healthtracka is a fast-growing e-health platform offering home services including health tests with understandable diagnostic test results presented to patients digitally and without time wastage.

The Techstars Toronto-backed startup has laboratory partners who it affirms to be the best private pathology laboratories at the forefront of diagnostic testing in Nigeria, with ISO and MLSCN certifications. 

Included in its home services, the startup provides customers with a wide range of testing options and clinical services, empowering users to take an active role in their health in order to have a longer life span.

Which of the top 10 health startups we are you standing up for?