Remedial Health, a Nigerian startup focused on digitizing pharmacies and improving the pharmaceutical value chain, has successfully raised $12 million in a Series A equity-debt funding round. The investment aims to support the company's expansion and operations across Nigeria. The funding was co-led by Fintech VC firm QED Investors and Ventures Platform, with participation from existing investors like Y Combinator, Tencent, and Gaingels.

Remedial Health's platform enables pharmacies and hospitals to order pharmaceutical products from verified distributors and reliable manufacturers, reducing erratic prices and the supply of fake or substandard drugs, which have led to preventable deaths in Nigeria and Africa. The startup also ensures proper handling of products, addressing concerns about the open drug market in Nigeria, where substandard or counterfeit medicine is prevalent.

The company plans to use the funding to deepen its operations in Nigeria, particularly in rural areas where demand is growing. It serves over 5,000 pharmacies and hospitals across 34 states, with a considerable market share in at least half of those states. Remedial Health provides inventory financing that allows clients to restock without upfront payment, contributing to its significant growth in client count and revenues over the last 10 months. The startup also offers real-time market intelligence to manufacturers, aiding them in production and distribution decisions.

With this investment, QED Investors sees significant potential in providing embedded financial services, such as payments and lending, to the pharmaceutical sector, which remains underserved but critical in Africa.

Read more on TechCrunch