Fund Raising
Health Tech Startup Remedial Health, Raises $4.4 Million Seed Fund, Improves Access to Medicines
Remedial Health has raised $4.4 million in seed funding to expand credit provision and support growing operations
Nigerian Healthtech startup, Remedial Health which uses pharmaceutical procurement innovations and pharmacy operations management solutions to improve access to genuine and affordable medicines in Africa, has raised $4.4 million in seed funding.
According to the startup, the fund will accelerate its expansion across Nigeria by providing access to credit for inventory purchases, enhancing the company’s growing customer base of neighborhood pharmacies, hospitals in the country, and Proprietary Patent Medicine vendors (PPMVs).
The latest seed round was led by Global Ventures, the VC agency that co-led its pre-seed round, Y Combinator, Tecent, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures, True Capital Management, and several angel investors together with Guillaume Luccisano and Christopher Golda.
Since launching Remedial Health in 2021, the startup has taken its operations to 16 states in Nigeria, with plans to expand into the remaining 20 states of the country.
The startup has so far focused on delivering solutions for neighborhood pharmacies and PPMVs who are responsible for more than 80 percent of the retail medicines sold in Africa. These businesses also serve as the frontline of healthcare delivery and a vital component of how we safeguard lives and livelihoods across the continent.
Speaking on the Startup’s mission and its achievements so far, CEO of Remedial Health, Samuel Okwuada disclosed that since the beginning of the year, the startup has grown in leaps owing to the uptake of its digital offering, expansion activities and buy-now-pay-later product.
He said; “We have seen more than 6x growth in the number of customers on our platform since January.
“The feedback we constantly receive about what they like the most about our platform is around the ease and efficiency of our inventory finance offering, the variety of products they can access on our platform, and the effectiveness of our procurement process wherever our customers are based in Nigeria, they typically receive their orders within 24 hours.”