Axmed, a Basel, Switzerland-based provider of a two-sided B2B marketplace platform, raised $2M in Seed funding.
The investment was led by Founderful and complements an earlier $5M in grant funding from the Bill and Melinda Gates Foundation, bringing total funds raised to $7M.
The company intends to use the funds to bolster expansion, enhancing its engineering and commercial teams and advancing its technology infrastructure to initiate operations in strategically selected markets within Africa and the Caribbean.
Led by CEO Emmanuel Akpakwu, Axmed operates a two-sided B2B marketplace that aggregates demand for medicines in underserved regions to improve the availability, affordability, and distribution of medicines across low- and middle-income countries (LMICs) while extending pharmaceutical manufacturers/suppliers footprints in new markets.
Axmed’s B2B marketplace optimises the procurement process for healthcare providers in emerging and growth markets, catering to public, third sector, and private entities. The platform aggregates demand for both off-patent and patented medicines, creating cost-effective order volumes for manufacturers while simultaneously enhancing buyer leverage on cost and availability. The platform further streamlines the process by curating and consolidating Requests for Proposals and efficiently mapping out supply logistics.
Commenting on the news, Emmanuel Akpakwu said: “We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility. This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively.”
FinSMEs
09/05/2024