Nigerian YC-backed Remedial Health Raises $4.4M Seed Funding • CableFree TV

Published by
Peter Kavinsky

Earlier this year, a Nigerian medical startup Medical health announced plans to scale in the West African nation by digitizing pharmacies and improving the efficiency of the pharmaceutical supply chain after attraction of seed financing.

Since February, the YC-backed startup has expanded its footprint from six to 16 states in the populous nation and plans to cover the remaining 20 as it embarks on a path to deepen its operations nationwide. Encouraged by a new $4.4 million seed equity round, Remedial Health is also looking for growth opportunities in East and West Africa.

The latest round was led by Global Ventures, the VC firm that co-led the preliminary round, with participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed ​​Venture Partners scouting fund, Ventures Platform, Alumni Ventures and True Capital Management, as well as a number of business angels including Guillaume Lucisano and Christopher Golda.

Founded Samuel Okwuada (CEO) and Victor Benjamin (COO) in 2020, Remedial Health enables pharmacies to source pharmaceutical products from major manufacturers and distributors including GSK, Pfizer and AstraZeneca, as well as Nigerian Orange Drugs, Emzor and Fidson Healthcare.

By enabling neighboring pharmacies and hospitals to source from certified vendors, the startup is improving the efficiency of pharmaceutical value chains and discouraging the supply of counterfeit and substandard products. Its inventory and loan financing features help customers increase their basket size and improve their efficiency.

Okwuada said the startup has grown rapidly since the beginning of the year, driven by the rollout of its digital offerings, buy-now-pay-later product and expansion activities.

“Since January, we have seen over 6x growth in the number of customers on our platform. The feedback we consistently get about what they love most about our platform is about the simplicity and efficiency of our inventory financing offering, the variety of products they can access on our platform, and the efficiency of our procurement process – anywhere. were our clients. In Nigeria, they usually receive their orders within 24 hours,” Okwuda told TechCrunch, adding that last mile delivery, supported by its distribution centers, is done internally or through its partners.

The founders of Remedial Health are Samuel Okwuada and Victor Benjamin. Image credits: Medical health

“The launch of our inventory financing product has also brought more customers to our platform as they have been able to use it to grow their business and cope with rising prices. More than 60 percent of our clients use the inventory financing product and we have seen a more than 50 percent increase in their average basket size since the launch of the product,” said Okwuada.

The startup’s digital offering includes a digital purchasing platform that allows pharmacies to manage their operations, making it easy to create and track orders. It also supports financial reporting and accounting by providing real-time market information, which improves the decision making process for manufacturers regarding forecasting, production and distribution.

Its Patient Medical Record (PMR) system provides pharmacies with access to customer data, making their orders clearer and improving operational efficiency, helping to deliver more targeted and quality healthcare services in their regions of operation.

Like in Nigeria PharmacyRemedial Health is among growing health technology startups that are streamlining the pharmaceutical sector in Africa, an industry that has remained fragmented for decades, leading to stockouts, quality issues and erratic pricing.

Global Ventures director Sascha Haider said: “The market opportunity for serving community pharmacies across Africa is significant. In Nigeria alone, 500,000 community pharmacies account for over 80% of annual pharmaceutical sales in a $70 billion market. The Remedial Health team is proactively addressing issues including non-transparent pricing, poor drug quality control, and a highly fragmented supply chain with a high-tech, pharmacy-focused healthcare network that has reduced costs by more than 25% at the point of care.”

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

Recent Posts

  • News

Best’s Review Explores Auto Manufacturers’ Insurance Initiatives – InsuranceNewsNet and Other News

OLDWICK, New Jersey–(BUSINESS WIRE)–October issue of the magazine Best Review covers car manufacturers' initiatives to…

4 mins ago
  • News

Bulgaria explained why the president did not support the declaration of European countries on Ukraine’s accession to NATO

Bulgarian President Rumen Radev did not want to join the statement by the leaders of…

5 mins ago
  • News

A party led by a Russian-speaking leader appeared in Israel

Stella Weinstein entered politics from the fitness world. Photo: social networksIn Israel, the battle for…

9 mins ago
  • News

Lula wants ‘democratic bloc’ to defeat Bolsonaro

Carlos Meneses | São Paulo, (EFE) -- Former President Luiz Inácio Lula da Silva announced…

10 mins ago
  • News

Fact-Check: Did Kamala Harris Really Say Racial ‘Equity’ Would Decide Support for Hurricane Ian?

Kamala Harris' conservative critics are once again embroiling in alleged outrage after the vice president…

12 mins ago
  • News

What Is Good For Muscle Pain With Natural Methods At Home?

Things that are good for muscle pain Many people experience muscle pain in daily life.…

14 mins ago