RxAll a drug anti-counterfeiting startup has secured $3.5m in a funding round for further expansion and development of its technology.
The funding round was led by Launch Africa, however, firms like Keisuke Honda’s KSK fund and SOSV’s HAX participated in the round as well.
Recall that RxAll secured a $900,000 pre-seed funding towards the end of 2020.
Based in Nigeria and the United States, the startup leverages deep technology to provide users with high-quality medication.
The startup plans its expansion into 14 countries before the end of 2021.
Zachariah George, Managing Partner at Launch Africa Ventures on this raised fund said that the firm is much pleased to have co-led the funding round and believes that RxAll will close the wide gap that has restricted access to quality healthcare on the African continent and according to him, the startup has pioneered a drug delivery platform that allows both patients and pharmacies to purchase authentic medicines without visiting a physical store.
“The ability to achieve favourable unit economics and multiple revenue streams by leveraging anti-counterfeiting mobile spectrometer technology, owning the entire drug delivery supply chain and their own payment wallet, provides a massive growth and scaling opportunity across Africa and beyond,”
Also speaking, Duncan Turner, General Partner at SOSV and Managing Director of HAX said:
“We’ve been incredibly impressed by RxAll’s ability to scale and meet customer demand. In just the last year, the team has brought together world-class hard tech and operational excellence to solve pressing issues for over a million Nigerians, and we couldn’t be more excited by their vision for the broader pharmaceutical market,”
RxAll is an on-demand platform for safe drugs. it enables B2B2C deliveries of high quality medicines at manufacturer and wholesale price to hospitals, pharmacies and patients from its curated network of high quality wholesalers and pharma companies.
Its tech stack includes a proprietary instant drug testing platform- RxScanner- that helps our sellers authenticate the medicines they sell.
RxAll also has the RxPOS that helps its sellers manage and sell inventory in store and online.
Further, the startup has an extensive RxLogistics fleet of bikes and vans that enables supplies from our pharma company and wholesaler partners to our B2B2C customers.
Its vision is to enable universal access to high quality medicines at the lowest prices to all humans across the world.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates