Health-tech startup, Remedial Health, has raised $12 million in Series A funding comprising $8 million equity and $4 million debt.
The $8 million Series A equity funding round was led by US-based venture capital firm, QED Investors and co-led by Ventures Platform, who have now invested in Remedial Health at every funding round since the pre-seed stage.
This follows the consistent good milestones the startup has achieved since its launch in 2021 to digitize pharmacies and bring efficiency to the pharmaceutical value chain.
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There are “1 million pharmacies and hospitals in Africa” according to Crunchbase.
These healthcare providers rely on open-air medicine markets to stock their pharmacies, resulting in inefficiencies and a high risk of buying counterfeits.
Samuel Okwuada (CEO), and his co-founder, Victor Benjamin (COO), created Remedial Health’s to help pharmacies and hospitals in Nigeria to order pharmaceutical products sourced from reliable and trusted manufacturers and verified distributors, so as to stem erratic prices, and the supply of fake and substandard products that are behind thousands of preventable deaths in Nigeria, and Africa at large.
Within 2 years of its formal operation, the startup has successfully expanded to 34 out of the 36 states in Nigeria and had raised $1 million and $4 million in pre-seed and seed funding rounds respectively
The $12 million recent series A fund raised on 1st August, 2023, brings
Remedial Health total fund raise to $17.4 million
Commenting on their motivation for leading the Series A funding round, QED Investors partner, and head of Africa, Gbenga Ajayi said:
“The success that Remedial Health has enjoyed to date is an indication of the market gap that exists, and their value in providing effective holistic services to thousands of pharmacies across Nigeria”
On their part, Ventures Platform said:
“We are incredibly proud to have been part of Remedial Health’s journey since the earliest phase of the company’s development…. Remedial Health’s dedication to improving Nigeria’s pharmaceutical value chain is critical and their success in securing this $12 million funding demonstrates their remarkable growth and the management’s tenacity over the years. Our investment in this round represents our continued belief in their mission to deliver financial services to neighbourhood pharmacies and drive deeper growth in the pharmaceutical sector.”
Key line: “Our investment in this round represents our continued belief in their mission to deliver…”
The investors said it themselves.They invested more because the company is doing well in growth and in delivering value. That’s what results do. It gives the assurance that leads to more good outcomes. Simply put, Results Attract More Results; Focus on Getting Results.