Remedial Health, a Nigerian health-tech, founded in 2020 has raised $4.4 million in a seed round. The company founded by Samuel Okwuada (CEO) and Victor Benjamin (COO) disclosed that they would direct the funding towards promoting its expansion plans across the country while also providing credit for inventory purchases to its growing customer base of pharmacies and hospitals.
Global Ventures, the venture capital that co-led its pre-seed, funded its latest round. Other companies include Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management, and a number of angel investors, including Guillaume Luccisano and Christopher Golda.
Why it matters
Alongside other health-tech companies such as Drugstoc, Remedial Health is revolutionizing the pharmaceutical sector, which has for many years remained fragmented with no stock options, earned a fair share of quality concerns and experienced erratic pricing.
The Big Picture
Startups in Africa are securing funding at a time when global investors are overthinking investment opportunities. This shows the massive opportunities available in Africa.
What you should know
Remedial Health backed by Y combination has grown its base of operations from 6 in February 2022 to 16 states in Africa’s most populous nation. The health-tech company also has plans to expand to West and East Africa.
By enabling neighborhood pharmacies and hospitals to source from certified merchants, Remedial Health is bringing in new efficiencies to the pharmaceutical value chains and stems from the supply of fake and substandard products. Its inventory financing and loans features help its clients to increase their basket sizes, and improve their operating efficiencies.