Nigerian Healthtech startup, Remedial Health, which uses pharmaceutical innovations and pharmacy operations management solutions to improve access to genuine and affordable medicines in Africa, has announced the raise of $12 million Series A equity-debt funding, to scale operations in the West African country.
The funding round was co-led by leading venture capital firm, QED Investors, with participation from other existing investors like Y Combinator, Tencent, and Gaingels.
Remedial Health will use the funds raised, to increase penetration into more states in Nigeria, by getting more pharmacies and hospitals signed up on the app, especially in rural areas where demand is growing.
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Commenting on the investment, QED Investors partner and head of Africa, Gbenga Ajayi said,
“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 service to thousands of pharmacies across Nigeria. 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”.
Founded in 2020 by Samuel Okwuada and Victor Benjamin, Remedial Health combines the use of pharmaceutical procurement innovations, inventory financing solutions, and pharmacy operations/patient management solutions to improve access to genuine and affordable medicines in Africa.
The startup is committed to helping pharmacies, health insurers, clinics, and other health providers deliver excellent services through solutions that seek to streamline pharmacy operations and close the gap between pharmacies and wards/patients.
It operates a Buy Now, Pay Later (BNPL) model, that provides customers with a stress-free inventory financing option that allows them to stock up first and pay later after dispensing to patients.
How the Remedial Health Buy Now, Pay Later model works;
Step 1. The first step is for users to request inventory finance on the remedial app.
Step 2. Customers get their requests approved within 24 working hours.
Step 3. After approval, they purchase everything they need at the Remedial store and check out with the ‘Pay Later option.
Step 4. Finally, customers receive their stock within 24 hours.
In August 2021, Remedial Health reached 300 pharmacies network served, and in October of the same year, it reached over $800,000 worth of inventories deployed.
The startup helps pharmaceutical manufacturers get their products into the African market through its data-driven local intelligence, regulatory expertise, and network of distributors and pharmacies.
It has continued to onboard new pharmacies, HMOs, Insurers, and manufacturers on its platform as it committed to penetrating more states in Nigeria and digitizing Pharmaceutical Supply Chain in Africa.