Remedial Health, a Nigerian healthtech startup, has officially announced that it has raised $4.4 million in its seed funding round which was led by Global Ventures. Following its pre-seed round in February, the funds now bring the total amount raised by the startup to $5.4 million.
Aside from Global Ventures, which also co-led its pre-seed round, Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures, and True Capital Management also participated in the round. The round also had angel investors, including Guillaume Luccisano, Co-Founder of Triplebyte and Socialcam, as well as Christopher Golda, Founding Partner at Rogue Capital.
The raised funds is said to be aimed at accelerating the startup’s expansion across Nigeria and registering its footprint in other West African and East African regions by 2023. It also seeks to provide access to credit for inventory purchases for neighborhood pharmacies, proprietary patent medicine vendors (PPMVs), and hospitals in the country.
Remedial Health has seen a fast footprint growth in Nigeria. Having been present in just 6 states at the start of the year, the company now operates in 16 states and plans to cover the other 20 before the end of the year.
“We’re still in Nigeria for now, and we’ve grown exponentially in Nigeria. The reason we haven’t entered another country is that we have not fulfilled the demand in Nigeria at the moment. We want to be pan-Nigeria first before we explore another country,” said Samuel Okwuada, CEO and co-founder of Remedial Health in an interview with TechPoint.
Founded in 2021 by Samuel Okwuada and Victor Benjamin, Remedial Health digitises the healthcare sector by creating an easy way for pharmacies, PPMVs, and hospitals to source and access affordable and authentic retail medicines from major manufacturers and distributors, including GSK, Pfizer and AstraZeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.
Healthcare providers can source these vetted medications from original manufacturers and receive them within 24 hours through the help of Remedial Health’s logistics network.
“Neighbourhood pharmacies and PPMVs have the potential to be the face of a thriving healthcare system in Africa, and we believe that technology can play a significant role in making this vision a reality,” Okwuada said, speaking on the recent development.
“The funds that we have raised and the strategic support from our investors will enable us to deliver the solutions to address various challenges that have hampered these businesses’ growth for many years and make it easier to safeguard lives and livelihoods across the continent for years to come,” he added.
Okwuada, in an interview with TechCrunch, expressed his optimism in the direction of the startup over the years, claiming that it has experienced steady growth, especially in customer size and has received good satisfaction ratings since it launched.
“We have seen more than 6x growth in the number of customers on our platform since January. The feedback we constantly receive about what they like the most about our platform is around the ease and efficiency of our inventory finance offering, the variety of products they can access on our platform and the effectiveness of our procurement process,” he said