GetFundedAfrica and Medsaf crossed paths less than two years ago while their respective CEOs served on a business conference panel. And so far, interactions between the two organizations have seen them raise $3.6M from two separate funding rounds (in 2021 and 2022) for Medsaf’s ever-expanding operations.
It is no secret that substandard drugs are a recurring pandemic in developing countries. According to a 2010 report, Impact of poor-quality medicines in the ‘developing’ world: ‘Poor-quality drugs are a vital (but neglected) public health problem. They contribute to a ‘crevasse’ between the enormous effort in therapeutic research and policy decisions and implementation of good-quality medicines.’
Currently in four countries, Medsaf is in the business of pulling double duty – providing quality medications and unclogging logistics management in the pharmaceutical industry – to ensure that said medicine reaches the end users. Having discovered that uneven access to quality healthcare slows inclusive growth across the developing world where millions of patients remain underserved by an outdated pharmaceutical system, it was founded by Vivian Nwakah in 2017.
But to accomplish its goals, Medsaf, like any organization, needed funds. In 2020, it secured $3.5M for geographic expansion and big data space. A year later, more money was required and GetFundedAfrica, now in the picture, played its connector role effectively.
The organization helped raise $1.2M in funding from ODBA Ventures and Medbury in her pre-seed round in 2021, and followed that up with $2.4M in debt capital this year. The tech-enabled marketplace firm has assisted Medsaf in securing a total of $3.6m to continue serving its customers, achieving their respective aims through their continual partnership.
With the new round of funding, Medsaf will serve more customer types, move up the value chain and continue to expand its operations and acquire relevant data.