Remedial Health, a Nigeria-based startup in healthtech that develops solutions for Africa’s pharmaceutical value chains, has raised $4.4m seed funding.
Global Ventures led the round, including participation from Tencent and Y Combinator and Cathexis Ventures Scout Fund, Ventures Platform and Ventures Platform. True Capital Management was involved, along with angel investors like Christopher Golda and Guillaume Luccisano.
The company plans to use the funds for expansion in Nigeria, access credit for inventory purchases, expand its Africa operations in 2023, and support its existing customer base of pharmacies and Proprietary Patent Medicine Vendors.
Remedial Health’s CEO Samuel Okwuada offers a variety of solutions, including digital procurement and PMR platforms. These platforms make it easier for hospitals, PPMVs, and neighbourhood pharmacies to get authentic, affordable retail medicine. Remedial Health’s logistics network allows healthcare providers to source approved medications and deliver them to their clinic 24 hours a day. Pharmacy and PPMVs have access to credit for inventory purchases, loans, and salary advances.
Remedial Health claims it has experienced a 600% increase in sales volume since January 2022. The company now serves 16 of Nigeria’s 36 states.