Gray Matters Capital (GMC), a US-based impact investor has invested in Nigeria-based SonoCare, an on-demand mobile diagnostic imaging startup. The investment was made through GMC coLABS, the gender investment portfolio for GMC.
Though the investment will rise up to US $250,000, it will be released in the form of tranches given based on milestones achieved. SonoCare is looking to use the investment to “scale operations by developing a mobile app”. They are also looking at deploying more mobile units for “catering to 200,000 pregnancies by 2020”.
Founded in 2015, SonoCare has operations Nigeria covering four states. That is; Port Harcourt (River State), Lafia (Nasarawa State) and Sagbama (Bayelsa State) and Otukpo (Benue State) in Nigeria. To-date, the startup has screened over 26,000 women from 17 rural communities and has detected over 15,000 high-risk pregnancies.
This investment ushers in their third portfolio company in Africa for Gray Matters Capital after A.R.E.D in Rwanda (2017) and Ghana’s Redbird Health Tech (2018).
Beyond Africa, the Atlanta-based impact has similar initiatives in South Asia and Latin America.
While GMC coLABS has so far invested in a diverse portfolio of companies across sectors ranging from civic engagement to health. The investment ticket size is up to $250,000 per enterprise.