An e-health drug procurement platform Drugstoc is set to eliminate the challenges of fake and substandard products flooding the market by linking drug companies with institutions in Nigeria.
In an aggressive plan to deliver quality pharmaceutical products in Nigeria, DrugStoc have closed a $4.4 million Series A funding.
The startup plans is set to expand to 16 other states within Nigeria as it tend to grow beyond the city of Lagos as the economic commercial hub of the West African country.
DrugStoc’s funding was led by Africa HealthCare Master Fund (AAIC) including Chicago-based venture firm Vested World, the German Development Bank (DEG) and high-net-worth individuals with a keen interest in tech-health.
Director Africa HealthCare Master Fund (AAIC) Nobuhiko Ichimiya said the pharmaceutical market has a potential growth.
““We are very excited to be part of the DrugStoc journey. The pharmaceutical market in Africa has enormous growth potential, and we are glad to back a company that is well positioned to be a key player in the sector’s growth in sub-saharan Africa,”
Founded in 2015 by Chibuzo Opara and Adham Yehia, the duo founded Integra Health in 2010, a hospital management company based on Yehia’s master’s degree project.
The two entrepreneurs first met as students at Maastricht University in Holland.
In 2019, DrugStoc won a share ($65,000) of the of the inaugural $1 million Africa Netpreneur Prize Initiative by the Jack Ma Foundation, a pitching competition that rewarded 10 enterprises providing solutions for the continent’s critical issues.
The duo who were also a recipients of a grant from Bill and Melinda Gates, and also received seed funding from VestedWorld, an early-stage investment fund with a focus on sub-Saharan markets.
DrugStoc is expanding its coverage to more regions through more fulfillment centers and expanded transit points and routes, providing better logistic options for last-mile deliveries.
It is also building partnerships with financial institutions to increase access to sustainable supply chain financing. This is in addition to plans of more investments in cold chain infrastructure to enhance the safe distribution of perishable products.