Nigeria's Remedial Health raises $4.4 million seed funding

Remedial Health, a Nigeria-based healthtech startup that is digitizing pharmacies and bringing quality control to the pharmaceutical supply chain has raised $4.4 million in equity in its seed round funding, to improve its offering and support its expansion plans.

• The healthtech startup raised $1 million in funding in February this year, with which it planned to scale its offering within Nigeria. It has now expanded to 16 states in the West African country and looking to launch in the other 20. It also plans to expand to East and West African countries with its offering.
• Founded in 2020 by Samuel Okwuada and Victor Benjamin, Remedial Health is simplifying how pharmacies source products from major manufacturers and distributors like GSK, Pfizer, AstraZeneca, Emzor, and Fidson Healthcare among others.
• The startup is reducing the supply of fake and low-quality products by bringing efficiencies to the pharmaceutical supply chain and ensuring that hospitals and pharmacies get products from approved merchants. It has 6xed its customer base since January, through its digital offering, BNPL products, and last-mile delivery.    
• Up to 60% of its customers use its inventory finance product with which they have had more than 50% growth in stock value since the product launched, it claims.  With its procurement platform, customers can manage their operations, make orders, track orders, get financial accounting and reporting, and manufacturers can get insights for production and distribution.
• Global Ventures led the new funding round, with participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture, Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management, alongside a clutch of business angels.