$12 M raised by Nigeria’s Remedial Health to provide neighbourhood pharmacies with financial services
Remedial Health, an e-health startup based in Nigeria that creates solutions to improve the efficiency of the pharmaceutical value chain in Africa, has raised $12 million in debt and equity capital to expand its reach throughout the country and help neighbourhood pharmacies receive customized financial services.
Remedial Health, founded in 2020 by Samuel Okwuada and Victor Benjamin, provides a variety of technological solutions that facilitate healthcare providers’ access to reasonably priced and authentic retail medications, supplies, and medical equipment from producers and distributors.
It participated in the Y Combinator accelerator program the previous year and raised money in the pre-seed and seed rounds. Ventures Platform, which has now invested in Remedial Health at every funding stage, and QED Investors, a US-based venture capital firm, co-led the company’s $8 million Series A equity funding round. Gaingels, Tencent, and Y Combinator all made investments after taking part in earlier rounds. Meanwhile, a group of domestic and foreign financial institutions oversaw the US $4 million debt funding.
Remedial Health provides the digital procurement infrastructure that drives efficient healthcare distribution for Africa’s 1.2 million pharmacies. The company operates at the nexus of healthcare, supply chain management, technology, and financial services.
By working with more than 300 manufacturers and providing services to over 5,000 hospitals, pharmacies, and PPMVs in 34 of Nigeria’s 36 states, Remedial Health, which began in Nigeria, has developed an efficient operating system for pharmaceutical buyers and suppliers. Regional hubs allow for a seamless experience throughout the nation.
With same-day delivery and inventory financing available, store owners can access over 8,000 carefully selected products through the mobile app, minimizing cash flow issues for regular orders and optimizing sales potential. In order to help store owners operate their businesses more profitably and efficiently, the startup also offers facility financing, payment solutions, and inventory management tools.
Remedial Health offers pharmaceutical manufacturers a successful route-to-market for their products in addition to data-driven insights into regional markets that can be used to improve planning and decision-making.
With the help of this additional funding, Remedial Health will be able to expand the reach of these services throughout Nigeria and provide more revolutionary solutions that will increase efficiency throughout the pharmaceutical value chain.
“We are delighted to have raised these funds, particularly with the wider context of the global funding downturn and the wide range of economic headwinds in Nigeria. Our continued growth has put us in a strong position to deliver our mission of creating a tech-enabled, pharmacy-centred healthcare network and we are looking forward to leveraging these funds to achieve more success,” said Okwuada.
According to Gbenga Ajayi, partner and head of QED Investors’ Africa division, the startup’s current success is a sign of the value it offers and the gap in the market.
