Connect with us
Innopower banner Ad

Press Release

Remedial Health raises $12 million to deliver financial services for neighbourhood pharmacies

Published

on

Remedial Health Founders Samuel Okwuada and Victor Benjamin (Image: Supplied)

Remedial Health, a healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, has secured $12 million in an equity and debt funding round to deepen the penetration of its services in Nigeria and support the delivery of targeted financial services to drive business growth across the country’s pharmaceutical sector.

The $8 million Series A equity funding round was led by US-based venture capital firm, QED Investors and co-led by Ventures Platform, who have now invested in Remedial Health at every funding round since the pre-seed stage. This investment also represents Ventures Platform’s first Series A investment. Ycombinator, Tencent and Gaingels also invested after participating in previous rounds. The $4 million debt funding was led by a consortium of local and international financial institutions.

Across Africa, 85 percent of retail medicine purchases happen at micro-enterprises, typically neighbourhood pharmacies and) and Proprietary Patent Medicine Vendors (PPMVs). For store owners, 90 percent of their wholesale purchases happen in open markets that are largely unfit for consumables and medicines. Store owners also have to endure expensive and time-consuming weekly order cycles that typically amount to two working days to access the inventory they need to stock their shelves. These realities, combined with a predominantly paper-based approach to managing operations, present various challenges that make it difficult to maximise profitability.

Download BAO E-MAGAZINE

Remedial Health operates at the intersection of healthcare, supply chain management, technology and financial services, delivering the digital procurement infrastructure to power effective healthcare distribution for Africa’s 1.2 million pharmacies. Starting in Nigeria, Remedial Health has built an effective operating system for pharmaceutical buyers and suppliers, working with more than 300 manufacturers and serving more than 5,000 hospitals, pharmacies and PPMVs across 34 of Nigeria’s 36 states, with regional hubs to enable a seamless experience across the country. 

Store owners can access more than 8,000 vetted products via the mobile app, with same-day delivery and inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities. The startup also provides facility financing, payment solutions and inventory management solutions that makes it easier for store owners to run their business more efficiently and profitably. For pharmaceutical manufacturers, Remedial Health provides an effective route-to-market for their products, as well as data-driven insights into local markets that can be leveraged for more effective planning and decision making.

This new funding will enable Remedial Health to deepen the reach of these services across Nigeria and deliver more game changing solutions to drive greater efficiency across the pharmaceutical value chain. 

According to Samuel Okwuada, CEO and co-founder of Remedial Health, “We are delighted to have raised these funds, particularly with the wider context of the global funding downturn and the wide range of economic headwinds in Nigeria. Our continued growth has put us in a strong position to deliver our mission of creating a tech-enabled, pharmacy-centred healthcare network and we are looking forward to leveraging these funds to achieve more success.”

Gbenga Ajayi, Partner, Head of Africa, QED Investors, said “The success that Remedial Health has enjoyed to date is an indication of the market gap that exists, and the value they provide in providing effective holistic services to thousands of pharmacies across Nigeria. QED is particularly excited about the embedded financial services opportunities within the vertical — the ability to provide payments, embedded lending and other fintech solutions to this underserved but very crucial sector. The Remedial Health team is perfectly positioned to solve this problem because of its unique positioning as a partner across the entire pharmaceutical value chain and the unique backgrounds of the founders as both seasoned phama operators and technology professionals. We are very excited to be on this journey and to support this next phase of the company and to bring our fintech DNA to bear in what is an already positive growth journey.”

Kola Aina, Founding Partner of Ventures Platform, said “We are incredibly proud to have been part of Remedial Health’s journey since the earliest phase of the company’s development. This partnership exemplifies our mission to support  category leaders before they become obvious. Remedial Health’s dedication to improving Nigeria’s pharmaceutical value chain is critical  and their success in securing this $12 million funding demonstrates their remarkable growth and the management’s tenacity over the years. Our investment in this round represents our continued belief in their mission to deliver financial services to neighbourhood pharmacies and drive deeper growth in the pharmaceutical sector.” 

Press Release

Emil Ekiyor Named In “Indiana 250” Most Influential List

Published

on

Emil Ekiyor, Founder at InnoPower (Image: Supplied).

IBJ Media has named Emil Ekiyor, one of Africans in the Diaspora leading accomplished community leader and entrepreneur, in the 2024 Indiana 250, the annual list of the 250 most influential leaders in Indiana. The Indiana 250 Most Influential List, now in its third year, recognises the state’s most influential and impactful business and community leaders, representing public and private companies, law firms, universities, not-for-profit, government and community organizations. Mr Ekiyor, is recognised for his accomplishment as a community leader and entrepreneur dedicated to empowering African and African American communities. The list is available at Indiana250.com.  

Download BAO E-MAGAZINE

Born in Nigeria, Emil embarked on an educational journey to the United States at age 15. He excelled academically and athletically in high school, earning a full scholarship to the University of Central Florida. As a college football team captain, Emil demonstrated stellar leadership and strategic skills. He went on to have a six-year professional football career with the Tampa Bay Bucs, Indianapolis Colts, Atlanta Falcons and Oakland Raiders. Upon retiring from the NFL, Emil transitioned into entrepreneurship and community leadership roles.

Emil currently serves as CEO of InnoPower Indy Inc., driving innovative community empowerment programs. He has also served as President of the Indianapolis Black Expo Indy chapter and Indy Youth Sports, while serving on nonprofit boards like Friends of Education, Teach for America Indy and the Boys Scouts of America.

With a commitment to advancing black talent and closing wealth gaps, Emil brings collaboration, innovation and courage to his community leadership. He continues to create sustainable change as a beacon of hope for African and African American communities.

Continue Reading

Press Release

The Nigeria Office for Philanthropy to Showcase I-PHILANTHROPY Platform at 2024 IMBW @ RALLY

Published

on

Nigeria Office for Philanthropy (NPO) Chairperson, Thelma Ekiyor Solanke (Image: Supplied).

The Nigeria Office for Philanthropy (NPO) is set to introduce its groundbreaking I-PHILANTHROPY platform at a high-profile roundtable discussion during the 2024 innoPower Minority Business Week @ RALLY, taking place on August 27-28 in Indianapolis. This landmark event, hosted by NPO Chairperson Honorable Thelma Ekiyor Solanke, will explore innovative solutions for creating access to capital in disenfranchised communities.

I-PHILANTHROPY is a cutting-edge digital solution that leverages technology to support Nigerian small business owners and create unprecedented access to capital for micro-enterprises. The platform’s success in Nigeria offers a promising model for addressing similar challenges faced by underserved communities in the United States.

Download BAO E-MAGAZINE

“I-PHILANTHROPY represents a paradigm shift in financial inclusion and support for micro-enterprises,” said Honorable Thelma Ekiyor Solanke. “We’re excited to share our experiences at innoPower Minority Business Week @ RALLY and explore how this model can be adapted to empower disenfranchised communities in the USA.”

The roundtable will discuss:

– I-PHILANTHROPY’s impact on capital access for Nigerian micro-businesses.

– Potential applications of the model in US minority communities.

– Strategies for engaging diaspora and global participants in local economic development.

– Opportunities for international collaboration in supporting grassroots entrepreneurship.

This showcase is a highlight of innoPower Minority Business Week @ RALLY, a premier event that combines innoPower’s focus on empowering minority-owned businesses with RALLY’s emphasis on innovative solutions to global challenges. The conference brings together entrepreneurs, investors, community leaders, and innovators to share knowledge, build networks, and drive economic empowerment.

“The I-PHILANTHROPY platform aligns perfectly with our mission to foster growth and success among minority-owned businesses,” said Emil Ekiyor, Founder at innoPower. “This roundtable offers a unique opportunity to learn from international best practices and explore new strategies for addressing capital access challenges in our communities.”

Erica Schweyer, Executioner at RALLY, added, “By bringing together diverse voices from technology, business, and philanthropy, we aim to catalyze transformative ideas that can have real-world impact on disenfranchised communities both in the US and globally.”

 

Sign up for the Roundtable and receive a 88% discount https://innopower.formstack.com/forms/imbwdiscount

 

About Nigeria Office for Philanthropy (NPO):

NPO is at the forefront of leveraging technology for social good in Nigeria. Their I-PHILANTHROPY platform is revolutionizing how global participants can support Nigerian micro-enterprises and contribute to local economic development.

About innoPower Minority Business Week @ RALLY:

This collaborative event combines innoPower’s focus on fostering growth and success among minority-owned businesses with RALLY’s emphasis on innovation and transformative ideas. It brings together entrepreneurs, investors, community leaders, and innovators to share knowledge, build networks, and drive economic empowerment.

Continue Reading

Press Release

Swedfund invests USD 30 million in Access Bank to fund underserved MSMEs in Nigeria

Published

on

Swedfund invests USD 30 million in Access Bank Nigeria Plc to reach underserved MSMEs (micro, small and medium enterprises) at scale. By providing long-term capital and capacity building to unbanked and under-banked companies in Nigeria, the investment is expected to support sustainable private sector development and inclusive growth.

Nigeria, with a population of 230 million, has an unemployment rate at a staggering 33%. Additionally, over half of the rapidly growing population is below the age of 30, which further exacerbates the need for job creation and workforce development. As Nigeria also copes with a multitude of crises, including insecurity, food shortages and inflation, the resilience and power of MSMEs is critical to driving sustainable development and reducing poverty.

Swedfund’s investment aids in advancing sustainable private sector development, encouraging inclusive growth, and expanding access to finance. Access Bank, known for its strong market presence and with a committed MSME strategy, serves as an effective partner to reach MSMEs in need of financing in Nigeria, says Kitanha Toure, Regional Director of West Africa at Swedfund.

Download BAO E-MAGAZINE

Access Bank is systemically important and well-positioned to reach a significant number of MSMEs in Nigeria. Swedfund’s investment will contribute to direct and indirect job creation and other tax-generating activities as well as improved access to finance for rural and underserved groups, female- and youth-owned companies.

Access Bank is eligible to meet the 2X Criteria, a global baseline standard for gender finance, and recognised as the best SME bank for women entrepreneurs in Africa.

The loan is part of a syndicate led by the Dutch development finance institution, FMO, with a total value of USD 295 million. The syndicate consists of other Nordic and European development finance institutions such as BII, BIO, Finnfund and Norfund.

Continue Reading

Ads

Most Viewed