Remedial Health, a Nigerian eHealth startup, on Tuesday, August 1, announced the closure of its Series A funding round comprising $8 million in equity and $4 million debt.
Ventures Platform and QED Investors led the $8 million equity round while a consortium of local and international lenders raised the $4 million debt.
Remedial provides a tech-enabled platform that links customers to pharmacies, Proprietary Medicine Vendors (PPMVs), and other health centers and thus providing an efficient procurement system and inventory management.
In a country where the healthcare sector is critical as it is, the company aims to provide solutions and guarantee safety for members of the public seeking medical care.
Expansion plan for Remedial Health
With the new funding, Remedial now looks to expand its operations in the country especially in the remote areas.
“We have secured $12 million in equity and debt funding to deepen the penetration of our services in Nigeria and to deliver targeted financial services to drive business growth across the country’s pharmaceutical sector,” Remedial noted in a brief statement on social media.
On its part, Ventures Platform expressed its admiration for Remedial’s progress and ambition of cementing its position in Nigeria’s health sector.
Furthermore, the venture capital fund stressed the importance of the Investment in Remedial describing it as “special”.
“This investment is extra special for us as it’s the first Series A financing we’ll be leading, and in a company that we’ve backed from its pre-seed stage,” stated Ventures Platform.
“The company’s tech-enabled platform is empowering hospitals, pharmacies, and PPMVs with efficient procurement and inventory management.’
Statistics from Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) has previously established that over 15% of drugs in the country’s supply chain are fake.
In addition, the high cost slapped on medical products by vendors pose an obstacle to the people seeking healthcare in the country hence necessitating innovation to by-pass the challenges.
Since 2021 when it was founded, Remedial has managed to empower over 5,000 hospitals and pharmacies spread across 34 states in Nigeria which has in return earned it remarkable growth in revenue.