Focused on tackling the widespread use of counterfeit drugs across Africa, starting with Nigeria, Remedial Health has closed a $4.4 million equity seed round.
The startup utilises pharmaceutical procurement innovations, inventory financing solutions, and pharmacy operations as well as patient management solutions to improve access to original and affordable medicines in the continent.
Boosting its goal achievement, the seed fund will enable Remedial Health to broaden operations beyond its current 16 states in Nigeria, as it also targets East and West Africa expansion.
Co-founded by Samuel Okwuada and Victor Benjamin, Remedial Health was founded in 2020 and launched in March 2021. It affirms to have reached 300 pharmacies network, deployed over $800,000 worth of inventories and continues to onboard new pharmacies, HMOs, Insurers, and manufacturers.
Investors such as Y Combinator, Ventures Platform, Ingressive Capital, Voltron Capital and Global Ventures are some of the healthtech’s backers who have helped in its growth so far.
The current seed round was led by Global Ventures and included participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management. Other angel investors such as Guillaume Luccisano and Christopher Golda were also included in the round.
Since January 2022, the startup says its customer growth rate has grown over six times, with its most preferred features being the ease and efficiency of its inventory finance offering, the variety of products accessed on the platform and the effectiveness of its procurement process.