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DrugStoc Secures $4.4M in Series A Funding to Expand Access to Quality Pharmaceuticals in Africa

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DrugStoc Team (Image: Supplied)

Healthtech startup, DrugStoc has raised USD 4.4 million in Series A funding to expand access to quality medicines. While providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa. The funding round is led by Africa HealthCare Master Fund (AAIC). And other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG).

Launched in 2017, DrugStoc is a cloud-based platform that provides healthcare providers with the interface for easy access to pharmaceuticals and healthcare products. It ensures that patients get quality medicines at affordable prices. It boasts superior quality control systems with International Organization for Standardization (ISO) certification on Good Distribution Practice.

Nobuhiko Ichimiya, Director at AAIC stated that, “We are very excited to be part of the Drugstoc journey. The pharmaceutical market in Africa has enormous growth potential and we are glad to back a company well-positioned to be a key player in the sector’s growth in sub-Saharan Africa.”

Chibuzor Opara, DrugStoc’s co-founder and CEO; asserted that “We are committed to making an impact in the healthcare industry. This funding will enable us to expand and launch our tech-enabled products in more African countries where pharmaceuticals are critically needed.

Having grown over the last three years with an almost 1500% increase in monthly sales since January 2018. 14 million people currently have access to genuine healthcare products through hospitals and pharmacies covered by DrugStoc. With this funding round, the company will grow coverage to about 100 million people. It plans to achieve this by expanding its supply chain infrastructure both digitally and physically. Digital expansion will see DrugStoc build out its tech solutions to boost access and accommodate more partners as it extends coverage beyond Lagos. DrugStoc will also build on its partnerships with financial institutions such as Sterling Bank, to increase access to sustainable supply chain financing.

The company is founded by two seasoned professionals in the health sector, Chibuzo Opara and Adham Yehia, And has powered over nine million prescriptions and projects 12 million by the end of 2021. Chibuzo Opara said: “Fragile and resource-challenged healthcare systems require a radically transformative set of market-based strategies to expand access to healthcare. The DrugStoc way re-engineers the value chain digitally, improving and expanding access to healthcare at the same time.”

It is predicted that Africa’s pharmaceutical industry will be worth $56 billion to $70 billion by 2030, from just $5.5 billion in 2007. However, the broken supply chain and chaotic distribution channels on the continent still pose a significant challenge. It affects the delivery of quality medicines, affordability of pharmaceuticals and efficient healthcare delivery for health workers. Innovation to solve supply chain challenges is a key opportunity in this growing market.

Based on estimates from the United Nations Economic Commission for Africa (UNECA), Africa imports about 94% of its pharmaceutical and medicinal needs from outside the continent. Drugstoc is ensuring that more vital drugs, vaccines and health technologies are supplied safely, effectively and affordably to more people.

According to Liam O’Connor, who is also among a group of individual Silicon Valley investors, “DrugStoc has demonstrated impressive growth and the ability to improve healthcare providers’ access to pharmaceuticals in Nigeria. I am excited to support DrugStoc’s innovative work building a reliable, resilient, and high-quality pharmaceutical supply chain across Africa.  I am confident that DrugStoc will succeed in making a critical healthcare difference that will help save lives.”

In 2016, DrugStoc was incubated under Stanford’s Institute for Innovation in Developing Economies. And in 2019 made the shortlist as one of ten finalists for the Africa Netpreneur Prize Initiative, Jack Ma’s flagship entrepreneur program in Africa. It also won the award for the Technology Enabled Distributor of the year, at the Nigeria Health Excellence Award in 2019 and 2021.

The healthtech startup will now double down on its vision to change the way healthcare providers interface with the pharmaceutical market and revolutionize sub-Saharan Africa’s access to quality pharmaceuticals.  

CardinalStone Partners Limited acted as Financial Advisers to DrugStoc.

 

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The 234 Venture Vault Launches Tech Startups and Talents Hunt Across Nigerian Tertiary Institutions

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The 234 Venture Vault Project Administrator, Boluwatife Micheal (Image: Supplied)

The 234 Venture Vault has announced its inaugural Tech Startups & Talents Hunt across Nigerian tertiary institutions. It is on a mission to discover innovative startups and nurture tech talents in Nigerian university communities, beginning with the launch of “StartUp Unilag.” This initiative, set to kickoff at the University of Lagos, provides a unique platform for members of university communities, including laboratory and faculty staff members to gain hands-on insights and support in creating products, refining ideas, finding markets, managing investor relationships, and generally, building great companies.

Located in a city renowned for its vibrant technology startup ecosystem, the University of Lagos stands out as a breeding ground for future tech leaders. The university has produced standout founders like Olaoluwa Faniyi, Co-founder of Sun-Fi; Luther Lawoyin, Founder & CEO of Pricepally; and Olumide Soyombo, an investor and the Co-founder of Bluechip Technologies Ltd. StartUp Unilag seeks to uncover more companies and hidden talents, to equip them with the skills, tools, access to mentorship and funding they need to succeed faster.

This one-day event will feature a lineup of industry-leading speakers who will share their expertise and inspire the next generation of founders. Confirmed speakers include:

 – Oluwapelumi Oyetimein , a distinguished Growth Manager and Digital Strategy expert who spearheaded the Marketing department at Umba, acquiring over 1.5 million app downloads, 1 million sign-ups and 700k verified active users in a year.

Oluwatofunmi Awodiji, a technology professional, a product engineer at a global invest bank and founding Executors Lead at Covenant University’s Hebron Startup Lab.

Collins Gilbert, an Associate at Ventures Platform, a pan-African venture capital fund that invests early in mission-driven founders in Africa.

In addition to expert talks, participants will have the chance to network, receive scholarships that will help bridge technical skill gaps, and receive guidance from esteemed partner organizations that share our mission. We are proud to announce partnerships with Natal Bond, Being The Product, Rabit Consulting LLC, Makintouch Consulting, Heard In Africa, Business Africa Online (BAO) and Native Shapers.

Date: Saturday, 30th of November, 2024

Time: 10am

Venue: Faculty of Social Science Design Studio, UNILAG, Akoka, Yaba.

Join us at StartUp Unilag to witness the birth of Nigeria’s next big tech startups here.

 

About The 234 Venture Vault  

The 234 Venture Vault is an initiative by The Business Apple, dedicated to identifying, mentoring, and developing tech startup founders across Nigeria to support and fund them before they become obvious. The Business Apple specializes in supporting entrepreneurs who are building consequential businesses, by providing training, insights (data), mentorship, funding and access to markets.

 

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Press Release

Novotel, French Global Hotel Expands Into East Africa

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Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).

Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya. 

Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.

Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings. 

For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.

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“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated. 

The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.

Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.

“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.

Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects.  Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health. 

To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.

Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.  

Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.

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Press Release

FOO Partners with eNovate To Further Digital Transformation In Egypt

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FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.

eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.

With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.

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eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.

Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.

Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.

This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.

Further significant projects are to be announced in due course.

Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”

Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”

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