Nigerian health-tech startup Remedial Health has raised $4.4 million in seed funding to expand in the country. Investors such as Global Ventures, Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management participated in the round.
At the beginning of the year, the company had announced plans to scale its solution, which involves taking pharmacies online to create a more efficient chain of drug supply.
By September 2022, Remedial Health is now in 16 states and plans to cover the remaining 20 by the end of the year. Its latest funding will see it also test international waters and try to break into East and West African countries.
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Some angel investors who pitched something in for the startup include Guillaume Luccisano and Christopher Golda.
Remedial Health was co-founded by Samuel Okwuada and Victor Benjamin as a direct link for pharmacies to buy products from manufacturers and distributors like AstraZeneca, Emzor, Fidson Healthcare, GSK, Orange Drugs, and Pfizer.
While it helps it get standard products from certified sources, this is not all the services that merchants get from the platform. It also had inventory financing and loan features for users. There are accounting and real-time market intelligence features for better decision-making on forecasting, production and distribution.
Remedial Health operates in a largely untapped side of health tech and as Global Ventures principal Sacha Haider said, the pharmaceutical sale industry in Nigeria is valued at about $70 billion.
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