Remedial Health raises $12m in equity, debt funding

Nigerian health-tech startup, Remedial Health, has raised $12 million through equity investment and debt funding from venture capital and financial institutions.

Remedial Health raised $8 million after a Series A equity funding round, which was led by US-based venture capital firm, QED Investors and co-led by Ventures Platform, with Ycombinator, Tencent and Gaingels also participating in the investment round.

In a statement sent to Ripples Nigeria on Tuesday, Remedial Health disclosed that the firm also secured $4 million in debt funding from a consortium of local and international financial institutions.

The health-tech startup, which develops solutions to make Africa’s pharmaceutical value chain more efficient, said the funds will be disbursed to expand its operation in Nigeria.

Also, commenting on the capital raised, Samuel Okwuada, CEO and co-founder of Remedial Health, said: “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”.

Disclosing the reason QED Investors invested in the startup, the venture capital’s Partner, Head of Africa, Gbenga Ajayi, 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”.

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