Remedial Health, a Nigerian business, has acquired $1 million in pre-seed capital to accelerate its growth and expand its BNPL offering, as well as confirm its participation in the Y Combinator W22 batch in Silicon Valley.
Remedial Health, which was founded in 2019 by Samuel Okwuada and Victor Benjamin, provides a suite of digital solutions that make it simpler for healthcare providers to get economical and authentic retail medications, consumables, and medical equipment from manufacturers and distributors.
It already operates in six Nigerian states and is connected to over 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer, and Astrazeneca, as well as Nigerian companies Orange Drugs, Emzor, and Fidson Healthcare.
Remedial Health has acquired $1 million in pre-seed investment to help neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) have access to inexpensive and authentic retail medications. The company also intends to grow into other Nigerian states.
With participation from Ingressive Capital, Voltron Capital, and angel investment from Flutterwave’s Olugbenga “GB” Agboola, Victor Asemota, Opeyemi Awoyemi’s Angel Syndicate Fund, and other investors, the round was headed by Global Ventures and Ventures Platform. The company has also announced that it is a member of the Y Combinator W22 cohort, which includes a number of other African businesses.
“Pharmacies and PPMVs have been the frontline of healthcare in Nigeria for many years and we are excited to have raised these funds to connect them more effectively to manufacturers and ensure that their data is reflected more accurately in decision making across the pharmaceutical value chain. The ongoing global pandemic has brought the importance of healthcare to the fore and we strongly believe that these businesses can play a key role in safeguarding lives and livelihoods across the continent for years to come,” Okwuada said.
Global Ventures principal Sacha Haider expressed her joy at the opportunity to work with Remedial Health to solve some of the barriers to healthcare access on the continent.
“There is huge scope for growth for Remedial Health not only in Nigeria’s pharmaceutical industry but also across the African continent. We look forward to supporting Samuel and the team on their mission to build a tech-enabled, pharmacy-centered healthcare network across Africa,” she said.
