An investment has been made to make pharmaceutical products more reliable and safer for people in Nigeria.
TechCrunch reports that Remedial Health, a pharmaceutical management platform, raised $12 million in Series A equity-debt funding. The round was co-led by QED Investors and Ventures Platform. Remedial Health was co-founded by CEO Samuel Okwuada and COO Victor Benjamin in 2021 to support pharmacies and hospitals in sourcing trusted manufacturers and verified distributors, which aids in decreasing deaths from inferior, mishandled, or fake products in Nigeria.
“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,” Gbenga Ajayi, QED Investors partner and head of Africa, said according to the outlet.
He continued, “QED is particularly excited about the embedded financial services opportunities within the vertical — the ability to provide payments, embedded lending and other fintech solutions to this underserved but very crucial sector.”
The outlet details that Remedial Health plans to use the new funding for operations expansion and to scale inventory financing, with the latter having increased the company’s revenue and client total by seven times over the past 10 months.
Remedial Health has seen the most growth in rural areas and aims to help more states in Nigeria. As of this writing, it operates in 36 states.
Okwuada shared with the outlet that the company has a network of distribution hubs across regions that allow customers to receive their pharmaceutical products within 24 hours. In addition, it does last-mile delivery in-house or with the help of partners.
“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,” he said. “We’ve seen them grow their businesses, open additional branches because they are able to get credit.”