Nigeria’s Remedial Health gets QED backing in $12M round

Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, has raised $12 million Series A equity-debt funding, to scale operations in the West African country.

Fintech VC firm QED Investors co-led the round, banking on embedded financial opportunities like payments, and lending in the pharmaceutical sector. This is QED’s third investment in Africa after its involvement in the Moniepoint (formerly TeamApt), and Flapkap deals last year. Ventures Platform, also co-led the round, which saw the participation of existing investors like Y Combinator, Tencent and Gaingels.

Pharmacies and hospitals use Remedial Health’s platform to order pharmaceutical products sourced from reliable and trusted manufacturers and verified distributors. This helps to stem erratic prices, and the supply of fake and substandard products that are behind thousands of preventable deaths in Nigeria, and Africa at large. It also ensures a proper handling of the products, which can’t be said of the open drugs market in Nigeria.

A recent report…