Nigerian startup Remedial Health has secured $12 million in a Series A equity-debt funding round, co-led by Fintech VC firm QED Investors and Ventures Platform. The funding will be used to expand the company’s operations in Nigeria, particularly in rural areas where demand for efficient pharmaceutical services is growing.
Remedial Health’s platform digitizes and streamlines the pharmaceutical value chain, enabling pharmacies and hospitals to order reliable and authentic pharmaceutical products from verified manufacturers and distributors. This helps combat the issue of erratic prices and the distribution of fake and substandard products that contribute to preventable deaths in Nigeria and across Africa.
The startup’s inventory financing approach, which allows pharmacies to restock without upfront payment, has contributed to its rapid growth. Remedial Health currently serves over 5,000 pharmacies and hospitals, sourcing products from well-known manufacturers like GSK, Pfizer, and AstraZeneca.
The funding will also support the startup’s goal of providing embedded financial services within the pharmaceutical sector, including payments and lending, addressing a crucial need in an underserved market.
My Opinion: Remedial Health’s success and funding raise highlight the significance of digitization and efficient supply chains in addressing critical healthcare challenges in regions like Africa. By providing reliable access to genuine pharmaceutical products and utilizing technology for inventory management and financial services, the startup is making a substantial impact on healthcare delivery. The integration of fintech solutions further demonstrates the potential for technology to drive positive change in sectors beyond traditional finance.