Remedial Health Raises $4.4M in Seed Funding

Remedial Health, a Lagos, Nigeria-based healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, raised $4.4m in seed funding.

The round was led by Global Ventures, with participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management and angel investors such as Guillaume Luccisano and Christopher Golda.

The company intends to use the funds to accelerate its expansion across Nigeria and to provide access to credit for inventory purchases for its customer base of neighbourhood pharmacies, Proprietary Patent Medicine Vendors (PPMVs) and hospitals in the country, and expand across Africa in 2023.

Led by Samuel Okwuada, CEO, Remedial Health provides a range of solutions, including its digital procurement and PMR (patient medication records) platforms that make it easier for neighbourhood pharmacies, PPMVs and hospitals to access affordable and authentic retail medicines. Healthcare providers can source vetted medications with 24 hour delivery to their practice via Remedial Health’s logistics network. In addition to procurement, pharmacies and PPMVs can access credit to fund inventory purchases and provide loans and salary advances for employees.

Since January 2022, Remedial Health says it has seen 600 percent increase in sales volumes and the company now covers 16 of Nigeria’s 36 states.

FinSMEs

20/09/2022