Remedial Health has raised $4.4M in a SEED round to continue looking for growth opportunities in East and West Africa.
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Nigerian HealthTech startup Remedial Health has raised $4.4M in a SEED round led by Global Ventures with participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management, and a number of angel investors. Founded by Samuel Okwuada (CEO) and Victor Benjamin (COO) in 2020, Remedial Health is aimed at making it easy for pharmacies to source pharmaceutical products from major manufacturers and distributors, including GSK, Pfizer, and AstraZeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.
The Nigerian VC ecosystem has truly made its mark on the VC map. From raising Mega-Rounds to recording sizable investments, the region has raised over $700M this year according to our live data tool. Industry-wise FinTech was the winner while Healthcare has seen a decline in funding compared to 2021 Remedial Health recording the highest funding round of the year to date.
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According to the startup, it brings new efficiencies to the pharmaceutical value chains and stems the supply of fake and substandard products by enabling neighborhood pharmacies and hospitals to source from certified merchants. Its inventory financing and loan features help its clients to increase their basket sizes and improve their operating efficiencies. Okwuada, told TechCrunch, adding that last-mile delivery, backed by its distribution hubs, is done in-house or through its partners. “The launch of our inventory finance product has also attracted more customers to our platform, as they have been able to take advantage of it to grow their businesses and navigate the challenge of rising prices. More than 60 percent of our customers use the inventory finance product and we have seen more than 50 percent growth in their average basket size since we launched the product.”
The startup’s digital offering includes a digital procurement platform that enables pharmacies to manage their operations by facilitating the making and tracking of orders. It also supports financial reporting and accounting, while providing real-time market intelligence that improves manufacturers’ decision-making on forecasting, production, and distribution. Global Ventures Principal, Sacha Haider said, “The market opportunity to serve community pharmacies across Africa is significant. In Nigeria alone, 500,000 community pharmacies drive over 80% of a 70-billion-dollar market in annual pharmaceutical sales. The team at Remedial Health is proactively addressing challenges including price opacity, poor drug quality control, and a very fragmented supply chain through a tech-enabled, pharmacy-centered healthcare network that has allowed over 25% in cost reductions at the point of care.”
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