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Healthtech Startup Lifestores Secures $3 Million Pre-Series A Round to Expand Operations Across Africa

Lifestores has secured a $3 million pre-seed fund to expand its pharmaceutical marketplace across Nigeria.

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Lifestores

Lifestores, a Nigerian healthtech startup that brings disruptive innovation to the pharmaceutical sector in Nigeria, has secured a $3 million pre-seed fund to expand its pharmaceutical marketplace across Nigeria.

The pre-series A funding round was led by Health54, the healthcare-focused corporate venture capital arm of CFAO Group that supports and invests in startups by offering innovative healthcare services and technologies, with Aruwa Capital Management as a supporting lead and participation from other existing investors. This new funding is coming after Lifestores raised a $1 million seed round in 2020.

Speaking on the recent seed raised, the Co-Founder of the Lifestores Bryan Mezie said, “The number of patients who have loyalty accounts with us is growing by double digits every month. And then we also think a lot about the scale of impact we have through the pharmacies we don’t own but support through our software.

“And then, we indirectly touch over 200,000 patients from our software and the services we offer to those pharmacies. As of today, those are the ways we think about our patient impact. We’re also on the verge of launching several B2C initiatives and some cool features that are more direct to the patient.”

He further disclosed that to expand the startup’s growth, it will launch a new processing centre in Lagos, and also launch new technology features as part of its B2B offerings, including pharmacy management software, AI-driven predictive ordering, advanced credit offerings, and patient management initiatives.

Also commenting on the seed raised is the pre-series A round leading investor Health54 which said, “We’re proud and happy to make our first investment with Health54 in Nigeria and in Life stores. We were impressed with Bryan and Andrew’s on-the-ground experience of having run multiple retail pharmacies in Nigeria,” said Côme Vercken, Managing Director, Health54, on the investment.

“In two years, they have built a first-rate distribution platform with OGApharmacy. As a strategic partner, we’re delighted to work together and bring the benefits of our vertically integrated pharmaceutical supply chain so we can support more patients in Nigeria and beyond with quality primary healthcare.”

With the commencement of its operations in 2017, Lifestores provides its services through a network of more than 750 outlets. The healthtech startup disclosed that it is experiencing a 25% monthly marketplace growth and counts more than 10% of Nigeria’s pharmacies as registered customers.

It also reveals its plans to expand its market share to 25%, which will increase the number of patients reached by 4x from 100,000 to 400,000 by 2023.

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Fund Raising

Proptech Startup SmallSmall Announces The Raise of $3m in Seed Funding

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

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SmallSmall

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

Formerly known as RentSmallSmall, the startup gives renters access to monthly rent payments while eliminating the pain points of landlords.

Speaking on the recent funds raised the startup co-founder Tunde Balogun said, “We started by understanding the pain points of landlords. Even though they collected rent one year upfront, the default rate of the yearly system is very high because when people’s finances take a hit, they might not be able to pay subsequent rent.

“The legal process of evicting tenants where they’ll have to wait six to 12 months is also not supportive of the landlords. “Our market is for young professionals with an average age of around 28 years. It’s a huge market.

“We surveyed almost 3,000 people last year in Lagos, which showed that 80% of them wanted to pay their rent monthly. So that tells you how much adoption the monthly space would have if the markets eventually opened up.”

He further disclosed that the fund will be used to expand the startup operations to other cities in Nigeria, such as Enugu, Jos and Portharcourt before the end of Q1 2023.

Founded in 2018, the startup has been leveraging technology to revolutionize Nigeria’s property rental market and has so far had over 476,000 people registered on the platform.

It has also saved renters from legal and agency fees, which has seen it transcend into one of the leading advocates for affordable and flexible rental payment platforms across West Africa.

SmallSmall has also enabled landlords to access quality tenants and help curb defaults of payments.

In 2021, the startup was accepted to join the techstars Toronto accelerator program, making it the first African property technology platform selected to join the program. 

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Fintech Startup Money Fellows Raises $31 M in Funding, Plans to Diversify Portfolio

Egyptian-based fintech startup Money fellows have raised $31 million in its latest series B funding round

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Money Fellows

Egyptian-based fintech startup Money fellows have raised $31 million in its latest series B funding round.

The funding round was led by Commerce ventures, Middle East Venture Partners (MEVP), and Arzan Venture, as well as funds from National Investment Company (NIC), Invenfin, Sawari Ventures, Existing investors Partech, 4DX, and P1Ventures who also invested in the round.

According to the startup, the fund will enable it to diversify its portfolio, expand its product offerings across the B2C & B2B segments and also expand other markets in Africa and Asia.

Speaking on the success of the fundraising, the CEO and founder of Money Fellows Ahmed Wadi said, “We are proud to share with our stakeholders and users the progress and growth which led Money Fellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.

“We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.

“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market”.

Money fellows is a collaborative Group lending and savings platform. The app is aimed to connect people who are on the lookout for money circles but do not know each other.

Basically, the fintech startup digitized the traditional informal offline ROSCA (Rotating Savings and Credit Association) model that enables users to meet their financial needs.

The ROSCA model is currently in over 90 countries worldwide, with a variety of names, such as ‘Chit funds’ in India, ‘Gam’eya’ in the Arab world, ‘Committees’ in Pakistan, and ‘Tandas’ in Mexico.

MoneyFellows has so far racked up more than 500,000 users, with 200,000 active users. The startup revenue has been growing between 35 and 45 percent on a month-on-month basis.

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Fund Raising

Moove Secures £15 Million Fund, Set to Scale up to 10,000 Vehicles by 2025

Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.

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Moove

Global mobility firm that provides revenue-based vehicle financing and financial services to mobility entrepreneurs Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.

The African startup which has a growing global customer base of mobility entrepreneurs recently launched in U.K. Its first expansion in Europe. The startup is now set to debut a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee.

The new fund will enable the mobility startup which seeks to be the largest EV partner on Uber’s platform in London to scale to up to 10,000 vehicles by the end of 2025 as it had earlier disclosed.

Speaking on the recent financing received, co-founder and co-CEO at Moove Ladi Delano said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove.

“We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs and has so far amassed more than 50% month-over-month growth since its launch.

The startup has also partnered with CFAO Motors, a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries, with a purchase of over 5,000 brand-new fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria.

The mobility startup has recorded over three million rides that have been completed in its Moove-financed vehicles across six markets in Africa which are Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, with three product categories such as cars, trucks, and motorbikes.

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