At the Pitch2Win 2023 competition in July, Pharmarun, a Nigerian healthtech startup, competed against 14 startups from different industries, including fintech, eCommerce, AI, and blockchain, and emerged winner, going home with $10,000 in equity-free funding.
Pitch2Win is an accelerator investment startup competition designed to help early-stage Nigerian companies raise capital and expand.
Companies from several industries can enter the competition, and the winners will receive funding, access to an investor network, legal services, and mentorship.
Pharmarun’s Co-founders — Teniola Adedeji (CEO) and Funmilola Aderemi (CPO) — felt validated for their contributions in the healthtech space and said they would use the funds to improve and expand their pharmacy network and acquire new customers.
Interestingly, while taking me through their journey, they revealed that they have been best friends for 20 years.
Launching a company with a friend can be rewarding and challenging. On the one hand, your pre-existing relationship and trust can help with decision-making and communication, which will benefit the venture in its early stages. On the other hand, navigating personal dynamics can be challenging because conflicts happen. To resolve any issues quickly, it may be necessary to have open and honest communication.
However, the best friends appear to have discovered a workaround because Pharmarun is not their first company together.
Passionate about giving gifts, they founded Fairy Sisters in 2016, an on-demand personalised card company, that allowed users to upload photos to cards online and have a physical copy delivered.
Users could browse inspirational messages, set reminders for birthdays and important dates, and upload photos directly from their phones to cards, mugs, key chai, and other items using the Fairy Sisters web app.
In 2018, they switched the tech component to a more interactive service and they actively ran it till 2020. They made many collaborative gifts, personalised bridal gifts, and many other items, for clients including Lori, Seamfix, and FDHL.
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