Venture capital firm Unitus Seed Fund has invested an undisclosed sum in affordable eyecare startup Welcare Health Systems. The investment highlights an increasing interest of risk capital in eyecare-related healthcare ventures, according to The Economic Times.
The Chennai-based startup will use the new funding for its expansion across India. Aside from Chennai, Welcare also has operations in Amritsar and Vijaywada, the report detailed.
Unitus managing partner Dave Richards said: "Through early detection of eye diseases, Welcare has the potential to prevent blindness for 10 million Indians."
Welcare Health Systems is a company that provides low-cost eye screening services through existing health centers. This setup makes the services accessible to patients who are at high risk for eye diseases that could lead to blindness, the report stated.
Unitus Seed Fund is a Cayman Island-registered early-stage fund that focuses on healthcare, livelihoods, and education ventures for India's low-income population. The 10-year-old fund usually invests $50,000 to $100,000 for every transaction, the report said.
Unitus Capital acted as financial advisor in the said transaction.
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