Axmed, an innovative two-sided B2B marketplace platform, has announced a $2 million seed funding round, marking a significant step forward in tackling global health disparities.
Founderful Ventures led the funding round, which brings the total amount secured to $7 million. The funding is in addition to a $5 million grant from the Bill and Melinda Gates Foundation.
With the help of these funds, Axmed will be able to expand its operations into strategically selected markets in Africa and the Caribbean, strengthening its technical and commercial teams and developing its technological infrastructure in the process.
With a focus on public, nonprofit, and private organizations, Axmed’s B2B marketplace streamlines the procurement process for healthcare providers in emerging and growing regions. The platform combines the demand for both patented and off-patent medications, giving buyers additional negotiating power over price and availability while also enabling producers to place bigger, more economical order volumes. With its ability to effectively map out supply logistics and curate and aggregate Requests for Proposals, the platform further expedites the process. This strategy benefits both patients and providers by lowering the obstacles to expensive medication access and allowing manufacturers to increase their market share in underdeveloped areas.
With more than 30 years of combined experience in healthcare, finance, and public-private partnerships, the founding team of Axmed brings a wealth of knowledge and commitment to the partnership table. Former Chief Commercial Officer for Novartis AG’s Sub-Saharan Africa operations, Emmanuel Akpakwu, serves as CEO. Felix Ohnmacht and Sofia Radley-Searle, who have had important roles at Novartis and GSK, respectively, join him. Their shared goal is to confront healthcare disparities head-on.
Emmanuel Akpakwu, CEO of Axmed commented: “We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility. This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively.”
With the help of this seed round, Axmed can move forward with its next phase of strategic expansion, advancing the development of the engineering and business development teams and getting the platform ready for launch. Axmed aims to improve its marketplace technology and establish partnerships with important healthcare stakeholders by strategically allocating cash, to guarantee a consistent supply of essential medications.
“We’re delighted to back this outstanding team,” added Lukas Weder, Founding Partner at Founderful. “The team’s commitment and enthusiasm for addressing this important challenge is inspiring. We have every confidence in their ability to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals.“
The goal of this investment is to hasten the distribution, affordability, and availability of cutting-edge and necessary medications in underprivileged areas.
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