Remedial Health, a pioneering healthtech startup, has successfully secured $12 million in a combined funding round involving both equity and debt investments. The infusion of funds is aimed at bolstering the pharmaceutical value chain within the country and facilitating the provision of targeted financial services to fuel growth across the pharmaceutical sector.
The funding structure comprises an $8 million Series A equity funding round, complemented by an additional $4 million debt funding round. This strategic financial backing is set to propel Remedial Health’s mission to amplify the pharmaceutical ecosystem while delivering specialized financial solutions tailored to catalyze business expansion within the industry.
An official statement issued by the company highlighted the specifics of the funding arrangement. “The $8 million Series A equity funding round was spearheaded by prominent US-based venture capital firm QED Investors, with co-leadership from Ventures Platform, a steadfast supporter of Remedial Health since its pre-seed stage. This investment also marks Ventures Platform’s inaugural foray into a Series A investment. Notable investors from previous rounds, including Ycombinator, Tencent, and Gaingels, continued their support in this round. Concurrently, the $4 million debt funding was orchestrated by a consortium comprising both local and international financial institutions.”
Exploring the dynamics of the pharmaceutical landscape in Africa, Remedial Health disclosed that a substantial 85 percent of retail medicine transactions occur at micro-enterprises, primarily encompassing local pharmacies and Proprietary Patent Medicine Vendors (PPMVs). The company has ingeniously established an operational framework that connects pharmaceutical buyers and suppliers, fostering collaboration with over 300 manufacturers. This intricate network effectively serves the needs of over 5,000 hospitals, pharmacies, and PPMVs, spanning across 34 out of Nigeria’s 36 states.
Empowered by the infusion of fresh capital, Remedial Health aims to expand its operational footprint, extending its transformative services across the expanse of the nation. Samuel Okwuada, the Chief Executive Officer and co-founder of Remedial Health, expressed enthusiasm regarding the successful funding round, particularly against the backdrop of global funding challenges and the nuanced economic landscape in Nigeria. Okwuada remarked, “We are elated to have secured these funds, particularly given the prevailing global funding climate and the array of economic challenges in Nigeria.”
This injection of funds is poised to invigorate Remedial Health’s mission to revolutionize the pharmaceutical sector by optimizing its value chain and contributing to the advancement of healthcare services across Nigeria.