RxAll, a startup based in the United States and Nigeria that employs deep technology to provide high-quality medication to patients, has raised $3.15 million in funding to expand into other countries and further develop its technology.
Launched in 2016,RxAll is a safe medicine on-demand platform. Its curated network of high-quality wholesalers and pharma businesses enables B2B2C deliveries of high-quality pharmaceuticals at manufacturer and wholesale prices to hospitals, pharmacies, and patients.
Founded by Adebayo Alonge,Amy Kao and Wei Lui, RxScanner, RxAll’s proprietary technology, is a portable authenticator that allows patients to verify their medications. The RxScanner can verify the quality of prescription medications in 20 seconds and display the results via mobile apps in real time.
In Nigeria, the startup currently serves ten cities and is actively validating drugs for one million patients, as well as helping over 2,000 hospitals and pharmacies.
This funding round combines a recently closed US$2 million seed round (which was $2.25 million oversubscribed) and a US$900,000 pre-seed round raised at the end of last year. Launch Africa led the funding, with participation from SOSV’s HAX and Keisuke Honda’s KSK fund.
With the new funding, the company plans to open 14 more locations before the end of the year, with a pan-African strategy planned for the next year.
“Launch Africa Ventures is excited to be co-leading this round of financing into a strong, experienced team at RxAll. We believe that RxAll is bridging a major gap in access to quality healthcare in Africa by pioneering a drug delivery platform to enable pharmacies and patients to buy authenticated medicines online,” managing partner at Launch Africa Ventures Zachariah George said.
“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.”
“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,” Duncan Turner, general partner at SOSV and managing director of HAX said.