Nigeria healthtech Drugstoc closes a $4.4M Sequence A spherical
DrugStoc a Nigeria healthtech has raised a $4.4 million Serie A funding spherical led by Africa HealthCare Grasp Fund (AAIC), alongside Vested World (a Chicago-based enterprise agency), and the German Improvement Financial institution (DEG). The funds will go in the direction of increasing entry to high quality medicines and offering sustainable provide chain financing for healthcare suppliers throughout sub-Saharan Africa.
Drugstoc is a cloud-based platform offering healthcare suppliers with an easy accessibility interface for straightforward entry to prescribed drugs and different healthcare merchandise. This helps sufferers get high quality entry to medicines at inexpensive costs. Drugstoc boasts of superior high quality management programs with Worldwide Group for Standardization (ISO) certification on Good Distribution Observe.
Launched in 2017 by two well being sector professionals Chibuzo Opara and Adham Yehia, Drugstoc claims to have powered over 9 million prescriptions and tasks 12 million by finish of 2021.
In an announcement, DrugStoc co-founder/CEO Chibuzo Opara stated, “Fragile and resource-challenged healthcare programs require a radically transformative set of market-based methods to broaden entry to healthcare. The DrugStoc approach re-engineers the worth chain digitally, bettering and increasing entry to healthcare on the identical time.”
Nobuhiko Ichimiya, Director at AAIC, said that “We’re very excited to be a part of the DrugStoc journey. The pharmaceutical market in Africa has monumental development potential and we’re glad to again an organization well-positioned to be a key participant within the sector’s development in sub-Saharan Africa.”
In 2016, Drugstoc was incubated below Stanford’s Institute for Innovation in Growing Economies. The healthtech has additionally been shortlisted as a high ten finalist on the 2019 Africa Netpreneur Prize Initiative by Jack Ma’s entrepreneurship program.
The funding will see Drugstoc double down on its imaginative and prescient of adjusting the best way healthcare suppliers interface with the pharmaceutical market and revolutionize sub-Saharan Africa’s entry to high quality prescribed drugs.