Remedial Health, a Nigerian e-health startup that creates solutions to increase the effectiveness of Africa’s pharmaceutical value chain, has raised $12 million in a round of equity and loan financing.
The US-based venture capital firm QED Investors and Ventures Platform, the latter of which has now invested in Remedial Health at every funding level, co-led its $8 million Series A equity funding round.
Following their involvement in earlier rounds, Y Combinator, Tencent, and Gaingels all made investments. A group of national and international financial institutions oversaw the $4 million in loan financing.
Remedial Health, founded in 2020 by Samuel Okwuada and Victor Benjamin, offers a variety of technological solutions that make it simpler for healthcare professionals to obtain genuine, reasonably priced retail drugs, consumables, and medical equipment from producers and distributors.
Remedial Health provides the digital procurement infrastructure needed to support efficient healthcare distribution for Africa’s 1.2 million pharmacies at the nexus of healthcare, supply chain management, technology, and financial services.
Beginning in Nigeria, Remedial Health has developed an efficient operating system for pharmaceutical buyers and suppliers, working with more than 300 manufacturers and providing services to more than 5,000 hospitals, pharmacies, and PPMVs throughout 34 of Nigeria’s 36 states.
Regional hubs have been established to facilitate a seamless experience throughout the entire nation.
“We are delighted to have raised these funds, particularly with the wider context of the global funding downturn and the wide range of economic headwinds in Nigeria. Our continued growth has put us in a strong position to deliver our mission of creating a tech-enabled, pharmacy-centered healthcare network and we are looking forward to leveraging these funds to achieve more success,” said Okwuada.
The additional funds would boost the company’s supply of tailored financial services to nearby pharmacies and help it further penetrate Nigeria with its offerings.
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