Remedial Health, a healthtech startup, has secured $12m in an equity and debt funding round to boost the pharmaceutical value chain in the county.
The firm also stated that the funding would support the delivery of targeted financial services to drive business growth across the pharmaceutical sector.
It explained that the $12m funding round was achieved through a $8m Series A equity funding round and a $4m debt funding round.
In a statement, the firm said, “The $8m Series A equity funding round was led by US-based venture capital firm, QED Investors and co-led by Ventures Platform, who have now invested in Remedial Health at every funding round since the pre-seed stage.
“This investment also represents Ventures Platform’s first Series A investment. Ycombinator, Tencent and Gaingels also invested after participating in previous rounds. The $4m debt funding was led by a consortium of local and international financial institutions.”
It noted that across Africa, 85 per cent of retail medicine purchases happen at micro-enterprises, typically neighbourhood pharmacies and Proprietary Patent Medicine Vendors. It stated that it has built an operating system for pharmaceutical buyers and suppliers, working with more than 300 manufacturers, and serving more than 5,000 hospitals, pharmacies, and PPMVs across 34 of Nigeria’s 36 states.
It added that with its new funding, it will deepen the reach of its services across the country. The Chief Executive Officer and co-founder of Remedial Health, Samuel Okwuada, said, “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.”
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