Nigerian owned e-health startup, PBR Life Sciences, has closed $1 million in a pre-seed funding round, as it seeks to expand its data-as-a-service (DaaS) and analytics platform across Nigeria, Ghana, and Kenya.
The 9-year old startup focuses on addressing critical healthcare challenges in emerging markets through big data and artificial intelligence (AI).
The funding round included investments from prominent venture capital firms such as Launch Africa Ventures, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars.
“This funding highlights the importance of closing the gap in healthcare data across Africa,” said Ayodeji Alaran, Founder and CEO of PBR Life Sciences. “With this support, we are well-positioned to execute our growth plans and focus on profitability while driving AI-based innovations to support global life sciences development.”
Ashim Egunjobi, Managing Partner at Octerra Capital, emphasized PBR’s potential.
“PBR is creating meaningful solutions by providing healthcare data insights across Africa. Its proprietary technology and big data capabilities are adding value to its clients. We are excited to support Ayodeji and his team on this journey,” he said.
What You Should Know About PBR Life Sciences
- The Health Startup was founded in 2015
- PBR Life Sciences is a healthcare analytics company that aggregates and analyzes data using AI and machine learning (ML).
- The company’s multidisciplinary team combines expertise in medicine, data science, pharmacy, and consulting to deliver insights and advisory services.
- Headquartered in London, PBR serves major clients such as Sanofi, Emzor, Roche, the International Finance Corporation, and Mercs.
- The company generates revenue through subscriptions, independent reports, and consultation services.
- While PBR has reported a 200% revenue growth since 2023, specific figures remain undisclosed.
- A 2023 graduate of the ARM Labs Lagos Techstars Accelerator, it received $120,000 in funding from ARM
- PBR is establishing itself as a competitor to global companies like IQVIA and Sanisphere.
Who is the founder of PBR Life Sciences?
Ayodeji Alaran is the founder and CEO of PBR Life Sciences. He brings extensive experience from leadership roles at Pfizer, AstraZeneca, Johnson & Johnson, and IQVIA.
A graduate of London Business School and the University of Lagos, Ayodeji specializes in product development, marketing, and business analytics.
With a professional network spanning Africa, Asia, Europe, and North America, Ayodeji has been instrumental in positioning PBR as a trusted partner in healthcare analytics across emerging markets.
His expertise in developing and executing business strategies has been central to PBR’s success.
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About Launch Africa Ventures
Founded in 2020 by Zachariah George and Janade Du Plessis, Launch Africa Ventures addresses the funding challenges faced by early-stage startups in Africa.
Focused on Seed to Series A investments, the fund has supported over 150 startups in 22 countries, tackling critical challenges in various sectors.
To date, Launch Africa Ventures has raised over $36 million and invested $31 million into startups, helping them grow and achieve significant milestones.
What is Pre-Seed Funding?
Pre-seed funding is a type of early-stage funding that typically occurs before a startup raises its seed round. It’s usually a small amount of money, often between $50,000 to $500,000, provided by investors, accelerators, or incubators to help a startup validate its idea, build a prototype, or conduct market research.
Sometimes, for unique ideas with greater potential of success, the funding can be more such as the case with PBR Life Sciences as stated above.
What are Pre-seed funding used for?
- Validate a startup’s idea and business model
- Develop a minimum viable product (MVP)
- Conduct market research and gather feedback
- Build a team and establish a company structure
- Prepare for a seed funding round
What you should know
Pre-seed funding is usually provided in exchange for equity, but the valuation is often lower than in subsequent funding rounds.
This type of funding is essential for many startups, as it allows them to take the first steps in turning their idea into a viable business.
Some common sources of pre-seed funding include;
- Friends and family
- Incubators and accelerators
- Angel investors
- Micro-VCs (venture capital firms that focus on early-stage investments)
- Government grants and programs
Pre-Seed versus Bootstrapping
Keep in mind that pre-seed funding is not the same as bootstrapping. In the latter, founders fund a startup using personal savings or revenue from early customers.
