RxAll, a Nigerian healthtech startup, has received $3.15 million in funding to expand into other markets and develop its technology.
Launch Africa led the investment round, including participation from SOSV’s HAX and Keisuke Honda’s KSK fund.
Adebayo Alonge, Amy Kao, and Wei Lui founded RxAll in 2016.
The founders met as Yale University students to work together to solve an issue they had experienced directly.
By authenticating and distributing drugs through an internet platform, RxAll enables pharmacies and patients in Africa to buy high-quality, non-counterfeit medicines online.
RxScanner, the company’s unique technology, is a handheld authenticator for patients to verify their medications.
The RxScanner, according to the manufacturer, can determine the quality of prescription pharmaceuticals in 20 seconds and present the results in real time via mobile apps.
RxAll selects high-quality sellers for its marketplace and delivers the RxScanner to them.
The machine learning model reads the sample spectra and sends test results that show the identity and quality of the sample in comparison to the reference.
Commissions from deals on the marketplace are how the company makes money.
With the RxScanner, it also uses a subscription model for both individual and business users.
“Launch Africa Ventures is delighted to be co-leading this round of financing into a strong, experienced team at RxAll,” said Zachariah George, managing partner at Launch Africa Ventures. By pioneering a drug delivery infrastructure that allows pharmacies and patients to acquire verified medicines online, we believe RxAll is filling a major gap in access to quality healthcare in Africa.
According to Alonge, the company’s next focus will be on partnerships. They will be critical in RxAll’s quest to scale its marketplace and scanner across Nigeria, Africa, and the rest of the world, according to him. On the scanner side of things, we sell to governments and country FDAs in addition to hospitals, pharmacies, and consumers. As a result, we’re searching for key collaborations all over the world, not just in Nigeria, but in Africa, Southeast Asia, North America, and South America as well. Those are the primary markets where we want to expand.”
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