Beyond Capital Ventures, a new impact venture capital firm, has made its first investment in Viebeg Technologies, a Rwanda-based health-tech startup that uses an innovative data-driven procurement platform to offer high-quality medical supplies and equipment throughout Central and East Africa.
In Viebeg’s pre-seed funding round, Beyond Capital Ventures joins co-investment partners Beyond Capital Fund and Eckenstein Geigy Stiftung. Eva Yazhari, a general partner of Beyond Capital Ventures, will join also Viebeg’s board of directors.
“As AI enthusiasts and entrepreneurs, Alex and I became aware of the shortage of quality in-time medical supply in Africa and its consequences, namely millions of casualties per year,” said Viebe’s Chief Executive Officer Tobias Reiter. “Seeing the immense potential of technology in solving this tragic problem, our company was born.”
Why The Investors Invested
The recent fundraising round was largely influenced by Viebeg’s relative momentum over time. Since its inception, Viebeg has built a commercial presence in Burundi and the Democratic Republic of the Congo, serving over 410 customers. With the Covid-19 pandemic exacerbating the need to boost medical supply chains across the region and bolstering demand for key supplies, Viebeg is targeting an underserved $4 billion market in East and Central Africa.
“We are excited to partner with Tobias and Alex and are impressed by their deep commitment to improving the quality of healthcare for underserved populations,” said Eva Yazhari, Beyond Capital Ventures General Partner. “The Viebeg team has demonstrated resilience, agility, and the ability to successfully execute in challenging market conditions. I could not think of a better example of the type of company Beyond Capital Ventures will invest in.”
Beyond Capital Ventures is a women-led impact venture capital business focused on emerging countries, with a diversified, dynamic, and low-risk portfolio. The company invests in the next wave of technologies that will meet the needs of India’s and East Africa’s 1 billion+ consumers. Beyond Capital Ventures will invest in conscious leaders establishing firms to solve expanding needs in “need-to-have” areas, primarily healthcare, agriculture, and financial inclusion, and will open in Spring 2021. The fund will also be the first to use an Equitable Venture structure, which gives Series A level founders a profit share in the GP carry.
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A Look At What The Startup Does
Viebeg Technologies was founded in 2018 by Tobias Reiter, who has past expertise building AI-driven platforms, and Alex Musyoka, who has worked in key capacities at medical supply firms like Crown Healthcare, East Africa’s largest player, and has sales and operations experience.
Medical equipment and supply shortages and unaffordability are recurring sources of exclusionary and poor-quality care in low-income Africa, leading in thousands of avoidable deaths each year. Viebeg’s data-driven logistics platform, which includes shipping, warehousing, last-mile distribution, and inventory management, enables healthcare facilities to better manage procurement, ensuring that they have the necessary types and quantities of medical supplies in store to treat patients effectively.
Viebeg can save its customers up to 40% on average by connecting healthcare practitioners directly with manufacturers, eliminating the need for brokers and middlemen in the value chain.
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The Company’s mix of flexible financing and on-demand delivery also improves accessibility and convenience, allowing it to serve resource-strapped hospitals and clinics that were previously priced out of the market. Viebeg also uses customer data to forecast near-term medical supply needs and improve its own procurement procedures.
Viebeg Technologies health Viebeg Technologies health
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer