African health-tech marketplace, Axmed, raises $2m in seed round

Axmed, a B2B marketplace platform with its headquarters located in Switzerland, announced on Wednesday that it has closed a $2 million initial financing round.

The move was made by the company in an effort to speed up the pricing, accessibility, and delivery of cutting-edge and essential drugs to low- and middle-income countries (LMICs).

By combining the demand for patented and off-patent medications, the platform gives buyers additional negotiating power over price and availability while also enabling producers to place bigger, more economical order volumes.

By selecting and organizing Requests for Proposals and effectively organizing supply logistics, it further simplifies the procedure.

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In order to improve the procurement process for healthcare providers in developing and emerging nations, Axmed stated that it has developed a two-sided B2B marketplace platform that caters to public, private, and third-sector organizations.

As stated by the startup, the $7 million total sum received includes $5 million in grant money from the Bill and Melinda Gates Foundation in addition to Founderful’s investment.

“We are not merely developing a medicine platform; we are creating a bold new vision for the future of medicine accessibility,” Emmanuel Akpakwu, CEO of Axmed, said.

“This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively,” he added.

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