DrugStoc, a Nigerian e-health firm, has acquired US$4.4 million in Series A funding to improve access to high-quality pharmaceuticals while also giving healthcare providers in Sub-Saharan Africa with long-term supply chain finance.
Africa HealthCare Master Fund led the funding round (AAIC). Vested World, a Chicago-based venture capital firm, and the German Development Bank are among the other investors (DEG).
DrugStoc is a cloud-based platform that allows healthcare providers to easily access medications and healthcare items. It was launched in 2017. The company ensures that patients receive high-quality medications at reasonable pricing.
“To extend access to healthcare, fragile and resource-constrained healthcare systems require a radically transformational set of market-based policies.” “The DrugStoc way digitally re-engineers the value chain while simultaneously improving and expanding access to healthcare,” stated Chibuzo Opara, DrugStoc’s co-founder and CEO (CEO).
“We’re thrilled to be a part of the DrugStoc team. “The pharmaceutical market in Africa has huge growth potential, and we are pleased to support a firm that is well-positioned to be a key participant in the sector’s expansion in Sub-Saharan Africa,” said AAIC director Nobuhiko Ichimiya.
The funding will aid the company’s aspirations to expand coverage to around 100 million people. It intends to do so by digitally and physically increasing its supply chain infrastructure.
Furthermore, DrugStoc will expand its connections with banking firms such as Sterling Bank in order to increase access to long-term supply chain finance.
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