Nigerian startup Remedial Health has raised US$1 million in pre-seed funding to accelerate its growth and drive expansion of its BNPL offering, as it also confirms its participation in the W22 batch of the Silicon Valley-based Y Combinator accelerator.
Founded in 2019 by Samuel Okwuada and Victor Benjamin, Remedial Health delivers a range of technology solutions that make it easier for healthcare providers to access affordable and genuine retail medicines, consumables and medical devices from manufacturers and distributors.
It already has operations in six states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and Astrazeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.
Remedial Health has now raised US$1 million in pre-seed funding to roll out its digital procurement and patient medication records platforms, and make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access affordable and authentic retail medicines. The startup also plans to expand into more states in Nigeria.
The round was led by Global Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, and angel investment from Flutterwave’s Olugbenga “GB” Agboola, Victor Asemota, Opeyemi Awoyemi’s Angel Syndicate Fund, and other investors. The startup has also confirmed it is part of the W22 cohort of the Y Combinator accelerator, alongside a host of other African startups.
“Pharmacies and PPMVs have been the frontline of healthcare in Nigeria for many years and we are excited to have raised these funds to connect them more effectively to manufacturers and ensure that their data is reflected more accurately in decision making across the pharmaceutical value chain. The ongoing global pandemic has brought the importance of healthcare to the fore and we strongly believe that these businesses can play a key role in safeguarding lives and livelihoods across the continent for years to come,” Okwuada said.
Sacha Haider, principal at Global Ventures, said she was delighted to be partnering with Remedial Health to address some of the challenges impacting access to healthcare on the continent.
“There is huge scope for growth for Remedial Health not only in Nigeria’s pharmaceutical industry but also across the African continent. We look forward to supporting Samuel and the team on their mission to build a tech-enabled, pharmacy-centered healthcare network across Africa,” she said.