Friday, May 20, 2022
TechBergMag
Advertisement
  • Home
  • News
    Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

    Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

    South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

    South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

    Hackers Attack Central Bank of Zambia

    Hackers Attack Central Bank of Zambia

    Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

    Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

    Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

    Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

    Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

    Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

    Trending Tags

  • Digital Economy
    Oracle to Open new R&D Lab in Morocco

    Oracle to Open new R&D Lab in Morocco

    Google is acquiring security intelligence firm Mandiant for $5.4B

    Google donates the Istio service mesh to the Cloud Native Computing Foundation

    Spotify launches new fund to support independent open source projects

    Spotify launches new fund to support independent open source projects

    Zenda gets $9.4M to streamline school fee payment and management

    Zenda gets $9.4M to streamline school fee payment and management

    Twitter accepts Elon Musk’s $44B acquisition offer

    Twitter accepts Elon Musk’s $44B acquisition offer

    LG’s  OLED TVs   Delivers Premium HDR Gameplay With G-SYNC Gaming Support

    LG’s OLED TVs Delivers Premium HDR Gameplay With G-SYNC Gaming Support

    Trending Tags

  • Features
    MTN new logo

    MTN Introduces Digital Multi-experience Platform with Tecnotree

    How Branch is Promoting Financial Inclusion in Nigeria

    How Branch is Promoting Financial Inclusion in Nigeria

    FedEx

    Microsoft Partners FedEx to Launch new Cross-platform Logistics Solution for e-commerce

    Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

    Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

    OZÉ

    Ghanaian Fintech Startup OZÉ Raises $3 Million Pre-Series A Funding Round to Expand

    TallOrder,

    South African POS Startup Raises $3.1 Million Series A Funding for Product Development

  • Interviews
    LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

    LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

    Nigerian Startup Transfy Sees Strong Early Use of Payments Infrastructure, Plots Speedy Growth

    Pantami

    Cybersecurity: Nigerian Govt Direct MDAs to Migrates from Yahoo, Gmail to Government Top-level Domain

    Meeula

    Nigerian Startup Meeula Unveils Smart Business Card Solution

    Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

    Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

    Medallion

    Nnamani: How Medallion’s Success Attracts more Players to Datacentre business

    TECNO announces world’s first telescopic macro lens for smartphones

    Largest darknet stolen credit card site closes

    Largest darknet stolen credit card site closes

    Trending Tags

    • Lists
      Russian Internet users are learning how to beat Putin’s internet crackdown

      Russian Internet users are learning how to beat Putin’s internet crackdown

      25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

      25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

    • Contact
    • Download
      • Magazine
      • Newsletter
    No Result
    View All Result
    • Home
    • News
      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      Hackers Attack Central Bank of Zambia

      Hackers Attack Central Bank of Zambia

      Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

      Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

      Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

      Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

      Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

      Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

      Trending Tags

    • Digital Economy
      Oracle to Open new R&D Lab in Morocco

      Oracle to Open new R&D Lab in Morocco

      Google is acquiring security intelligence firm Mandiant for $5.4B

      Google donates the Istio service mesh to the Cloud Native Computing Foundation

      Spotify launches new fund to support independent open source projects

      Spotify launches new fund to support independent open source projects

      Zenda gets $9.4M to streamline school fee payment and management

      Zenda gets $9.4M to streamline school fee payment and management

      Twitter accepts Elon Musk’s $44B acquisition offer

      Twitter accepts Elon Musk’s $44B acquisition offer

      LG’s  OLED TVs   Delivers Premium HDR Gameplay With G-SYNC Gaming Support

      LG’s OLED TVs Delivers Premium HDR Gameplay With G-SYNC Gaming Support

      Trending Tags

    • Features
      MTN new logo

      MTN Introduces Digital Multi-experience Platform with Tecnotree

      How Branch is Promoting Financial Inclusion in Nigeria

      How Branch is Promoting Financial Inclusion in Nigeria

      FedEx

      Microsoft Partners FedEx to Launch new Cross-platform Logistics Solution for e-commerce

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

      OZÉ

      Ghanaian Fintech Startup OZÉ Raises $3 Million Pre-Series A Funding Round to Expand

      TallOrder,

      South African POS Startup Raises $3.1 Million Series A Funding for Product Development

    • Interviews
      LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

      LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

      Nigerian Startup Transfy Sees Strong Early Use of Payments Infrastructure, Plots Speedy Growth

      Pantami

      Cybersecurity: Nigerian Govt Direct MDAs to Migrates from Yahoo, Gmail to Government Top-level Domain

      Meeula

      Nigerian Startup Meeula Unveils Smart Business Card Solution

      Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

      Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

      Medallion

      Nnamani: How Medallion’s Success Attracts more Players to Datacentre business

      TECNO announces world’s first telescopic macro lens for smartphones

      Largest darknet stolen credit card site closes

      Largest darknet stolen credit card site closes

      Trending Tags

      • Lists
        Russian Internet users are learning how to beat Putin’s internet crackdown

        Russian Internet users are learning how to beat Putin’s internet crackdown

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

      • Contact
      • Download
        • Magazine
        • Newsletter
      No Result
      View All Result
      TechBergMag
      No Result
      View All Result
      Home Digital Economy

      YC-backed Remedial Health raises $1 million pre-seed to digitize pharmacies in Nigeria

      admin by admin
      February 14, 2022
      in Digital Economy, News
      0
      YC-backed Remedial Health raises $1 million pre-seed to digitize pharmacies in Nigeria
      Share on FacebookShare on Twitter

      Remedial Health has secured $1 million in pre-seed funding to digitize pharmacies, and stem the supply of fake and substandard pharmaceutical products, starting with Nigeria before expanding to the rest of Africa.

      The round was led by Global Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund, and other angel investors, including Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota.

      Part of the new funding will be used to extend the startup’s buy-now-pay-later (BNPL) offering, for an even wider reach.

      Founded in 2020 by Samuel Okwuada, a trained pharmacist and self-taught software developer, together with his co-founder Victor Benjamin, Remedial Health started off as a private label business, focused on contract manufactured products from markets like India, which they would then sell to pharmacies in Nigeria.

      “That business was pretty small. But at least we were in the market and we were growing,” said Okwuada, who pursued his MSc in Pharmacy at the University of East Anglia, in the UK.

      Okwuada started his entrepreneurial journey while still at the university, where he built SaaS products, before using his experience in tech, and training as a pharmacist to launch Remedial together with Benjamin, a pharmaceutical field sales agent.

      Months after starting the business, and due to a shift in market demand, and supply chain disruptions exacerbated by the Covid pandemic, Remedial Health started moving in a different direction — as their customers began making orders for products that were outside their private label offering.

      To keep up with the emerging demand, and to streamline the ordering process, they developed a patient medication records (PMR) system that made sourcing easy, and digitized pharmacies.

      Remedial Health’s system allows pharmacies to manage their operations, make and track orders – which the startup says it fulfills within 24 hours. The platform also stores patients’ medical records and supports reporting and accounting.

      “For those using the system, because we can basically see their shelves, we are solving their supply issues by ensuring that they’re getting the products when they need them. And so they don’t have to go to the market and waste time by going through 20 to 30 individual distributors to buy all the medicines and supplies that they need.”

      Aware that there is a market segment that will take a while to digitize, Remedial has an online shop that allows pharmacy owners not using its system to make orders through an app.

      “We don’t force everyone to use the system because we don’t assume that every single pharmacy has a computer and constant power supply. And because we know that the major problem is supply, we make it possible for them to access the procurement system on their phones.”

      The system helps Remedial to conduct inventory monitoring, which cuts stockouts by redirecting products that are not moving in one pharmacy to where supply is short, or demand is high.

      The startup has a main distribution center supported by hubs spread across its regions of operation for a faster turnaround time – making it possible to “reach any pharmacy from any of our hubs within an hour.”

      Last mile delivery is done through its in-house logistics operation, or by its partners but the plan is to integrate its system with a major logistics player in Nigeria for a seamless end-to-end solution.

      Remedial Health currently covers six states with plans to expand across the west African country, and to enter additional African markets before the end of the year. They are also planning to extend their reach in the regions that they are currently in.

      Remedial, also part of the Winter 2022 cohort of Silicon Valley’s Y Combinator accelerator, sources its products from over 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and Astrazeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.

      To date, the startup has over 300 pharmacies making orders through its app, and a number of others using WhatsApp. It also extends credit to pharmacies with plans to expand the coverage of this financing service.

      “The pharmacies don’t have to pay for products upfront; in some cases, they pay deposits, maybe 20%, and then pay the balance over time, but depending on how well we’ve known them, it can even be 100% financing.”

      By extending financing and ensuring the supply of standard products to pharmacies, Remedial Health has joined the growing list of tech-enabled businesses that are digitizing the pharmaceutical supply chains, which currently remain fragmented and in-efficient, leading to the proliferation in markets of fake and substandard products. Other notable startups in the space are Kenya’s MyDawa, Ghana’s mPharma and Nigeria’s DrugStoc.

      Remedial Health, according to its founders, is not just looking to correct the supply chain challenges only, but to do it while bringing primary healthcare closer to people.

      “These pharmacies are less than a 15-minute walk from people’s houses, and I feel that is the way to transform healthcare in Africa — by adding diagnostic services, and a doctor to these neighborhood pharmacies — by literally bringing everything to the people, we would really transform healthcare in Africa,” said Okwuada.

      Previous Post

      Mdundo eyes more telco partnerships after music streaming revenue growth from Tanzania, Nigeria deals

      Next Post

      EU Okays €820m Digital Economy Package for Nigeria

      admin

      admin

      Next Post
      EU Okays €820m Digital Economy Package for Nigeria

      EU Okays €820m Digital Economy Package for Nigeria

      Leave a Reply Cancel reply

      Your email address will not be published. Required fields are marked *

      • Trending
      • Comments
      • Latest
      Ghana Plans to Develop Regulatory Framework for the use of Artificial Intelligence

      Ghana Plans to Develop Regulatory Framework for the use of Artificial Intelligence

      January 31, 2022
      Clickatell Raises $91M to Scale its Chat Commerce Platform and US Expansion

      Clickatell Raises $91M to Scale its Chat Commerce Platform and US Expansion

      February 23, 2022
      Airtel Africa Gets new Chief Strategy, Partnership and Sustainability Officer

      Airtel Africa Gets new Chief Strategy, Partnership and Sustainability Officer

      February 11, 2022
      PayedIn Technology

      PayeIn Unveils new Payment Solution in Nigeria

      January 25, 2022
      Largest darknet stolen credit card site closes

      Largest darknet stolen credit card site closes

      0

      TECNO announces world’s first telescopic macro lens for smartphones

      0
      Apple digital keys reportedly coming to some Hyundai cars this summer

      Apple digital keys reportedly coming to some Hyundai cars this summer

      0
      After Dutch antitrust order, Apple starts letting local dating apps use alternative payment options

      After Dutch antitrust order, Apple starts letting local dating apps use alternative payment options

      0
      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      May 19, 2022
      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      May 19, 2022
      Oracle to Open new R&D Lab in Morocco

      Oracle to Open new R&D Lab in Morocco

      May 18, 2022
      Hackers Attack Central Bank of Zambia

      Hackers Attack Central Bank of Zambia

      May 18, 2022

      Recent News

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      May 19, 2022
      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      May 19, 2022
      Oracle to Open new R&D Lab in Morocco

      Oracle to Open new R&D Lab in Morocco

      May 18, 2022
      Hackers Attack Central Bank of Zambia

      Hackers Attack Central Bank of Zambia

      May 18, 2022
      TechBergMag

      Techberg Magazine is a tech inspired magazine that is focused on publishing technology related stories mainly on the African Continent.

      Follow Us

      Browse by Category

      • Digital Economy
      • Features
      • Interviews
      • News
      • Review

      Recent News

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      May 19, 2022
      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      May 19, 2022

      Copyright © Techbergmag 2022. All Rights Reserved

      No Result
      View All Result

      Copyright © Techbergmag 2022. All Rights Reserved