Pharmaceutical Startup Secures $12M From VC Firm To Support Operations in Nigeria
A Nigerian startup changing the way hospitals receive pharmaceutical products just received some major financial support. Remedial Health recently raised $12 million Series A equity-debt funding to support operations in Nigeria, TechCrunch reports.
QED Investors, a fintech venture capital firm, sponsored the funding round, banking on implementing financial opportunities like payments and lending in the pharmaceutical field. With this being QED’s third investment in an African startup, Remedial can continue its work of being pharmacies’ and hospital’s go-to source for reliable products from manufacturers and verified distributors.
Remedial Health has helped Nigeria’s healthcare industry filter through outrageous prices and make products available that are the source of preventable deaths in Nigeria and throughout Africa.
Founded by CEO Samuel Okwuada and COO Victor Benjamin, the ultimate goal is to have more pharmacies and hospitals sign up, specifically in rural areas, where the help is needed. “We are seeing more growth in rural areas, because they are difficult to reach, and are far from major open drug markets in Nigeria,” Okwuada said.
What makes Remedial special is that customers receive their products within 24 hours and does provide last-mile delivery in-house or with the help of partners, according to AfroTech.
“We are a B2B business and we are able to provide inventory to these pharmacies without requesting cash up-front, or at the point of delivery,” Okwuada said. “We’ve seen them grow their businesses, open additional branches because they are able to get credit.”
QED Investors partner and head of Africa, Gbenga Ajayi, said the company is proud to work with a growing startup and is excited for what’s to come next.
“The success that Remedial Health has enjoyed to date is an indication of the market gap that exists, and their value in providing effective holistic services to thousands of pharmacies across Nigeria,” Ajayi said.
Remedial currently serves 5,000 pharmacies and hospitals and is still growing, expanding its clientele three times over since November 2022. Their catalog exceeds over 8,000 products, selling from some of the world’s leading manufacturers including GSK, Pfizer, and AstraZeneca.