Nigerian VC firm, Microtraction has made an investment in Stack Dx, a healthtech startup providing molecular diagnostic services to patients, doctors, and hospitals in Africa. The investment is expected to help the startup expand its market share.
About 80,000 Nigerian women die annually from breast cancer, and nearly five million from misdiagnosis of hepatitis. And despite the rise of diseases requiring genetic tests in Africa, hardly could patients get these tests. Stack Dx was launched to curb this.
The startup founded by Abasi Ene-Obong, Damilola Oni, Francis Osifo and Gatumi Aliyu, has created a seamless online platform that connects patients and health professionals to genetic tests.
Many of their tests have not been offered before in Nigeria. They include predictive cancer tests, pharmacogenetic tests, and liquid biopsies.
And though the Molecular diagnostics industry is still in the embryonic stage in most of Sub-Saharan Africa, the market size in Sub-Saharan Africa is estimated around $14.4B, and $2.6B in Nigeria.
Why the Investment in Stack Dx?
This is Microtraction’s eighth investment since inception and more so, its first in a pre-launch startup. But the VC firm took this step as a result of its belief in Stack Dx’s founders to solve the genuinely growing problem in Africa.
“Stack Dx team is a very unique team with massive wealth of experience in the health and tech industry. They have also worked together at different levels prior to founding Stack Dx.”
Dayo Koleowo, Principal Investment Officer, Microtraction
“Looking at their background and experience, we believe the founders have not only the right mindset but understand the problem deeply and are also well suited to capture the market opportunity.”
Microtraction hopes to see Stack Dx take on the challenge and go on to become “the go-to source for African genetic and ancestry data.”
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