Remedial Health, a healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient starting with Nigeria, secured $12m in an equity and debt funding.
The $8m Series A equity funding round was led by QED Investors and co-led by Ventures Platform, with participation from Ycombinator, Tencent and Gaingels. The $4m debt funding was led by a consortium of local and international financial institutions.
The company intends to use the funds to deepen the penetration of its services in Nigeria and support the delivery of targeted financial services to drive business growth across the country’s pharmaceutical sector.
Led by Samuel Okwuada, CEO, Remedial Health develops tech-enabled solutions, including digital procurement and PMR (patient medication records) platforms that make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access retail medicines, inventory finance, facility financing, payment solutions and inventory management solutions to that make it easier for neighbourhood pharmacies and PPMVs to maximise sales and growth opportunities.
Starting in Nigeria, the company has built an operating system for pharmaceutical buyers and suppliers, working with more than 300 manufacturers and serving more than 5,000 hospitals, pharmacies and PPMVs across 34 of Nigeria’s 36 states.
FinSMEs
01/08/2023