Nigeria’s DrugStoc raises $4.4m Sequence A funding to develop protection
Nigerian e-health startup DrugStoc has raised US$4.4 million in Sequence A funding to develop entry to high quality medicines whereas offering sustainable provide chain financing for healthcare suppliers in Sub-Saharan Africa.
Launched in 2017, DrugStoc is a cloud-based platform that gives healthcare suppliers with the interface for simple entry to prescribed drugs and healthcare merchandise. The startup ensures that sufferers get high quality medicines at reasonably priced costs.
Having grown during the last three years with an virtually 1,500 per cent improve in month-to-month gross sales since January 2018, 14 million folks at present have entry to real healthcare merchandise by means of hospitals and pharmacies coated by DrugStoc. It now plans additional protection after elevating US$4.4 million in Sequence A funding in a spherical led by Africa HealthCare Grasp Fund (AAIC). Different buyers embrace Chicago-based enterprise agency Vested World and the German Improvement Financial institution (DEG).
The funding spherical will assist the corporate in its plans to develop protection to about 100 million folks. It plans to attain this by increasing its provide chain infrastructure each digitally and bodily. Digital growth will see DrugStoc construct out its tech options to spice up entry and accommodate extra companions because it extends protection past Lagos, whereas it should additionally spend money on high quality chilly chain infrastructure to reinforce protected distribution of perishable merchandise.
As well as, DrugStoc will construct on its partnerships with monetary establishments equivalent to Sterling Financial institution to extend entry to sustainable provide chain financing.
“Fragile and resource-challenged healthcare methods require a radically transformative set of market-based methods to develop entry to healthcare. The DrugStoc means re-engineers the worth chain digitally, bettering and increasing entry to healthcare on the identical time,” stated Chibuzo Opara, DrugStoc’s co-founder and chief govt officer (CEO).
“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 nicely positioned to be a key participant within the sector’s development in Sub-Saharan Africa,” stated Nobuhiko Ichimiya, director at AAIC.