Axmed, a two-sided B2B marketplace platform has raised $2 million in a seed funding round to accelerate its expansion, enhance its engineering and commercial teams and advance its technology infrastructure in Africa and the Caribbean.
The investment was led by Founderful Ventures and complements an earlier $5 million in grant funding from the Bill and Melinda Gates Foundation, bringing total funds raised to $7 million.
According to Emmanuel Akpakwu, CEO of Axmed: “We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility. This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively.”
Axmed’s founding team brings together a wealth of expertise and dedication, with over 30 years of collective experience in healthcare, finance, and public-private partnerships. CEO Emmanuel Akpakwu, previously Chief Commercial Officer for Novartis AG’s Sub-Saharan Africa operations while Felix Ohnmacht and Sofia Radley-Searle, have held key positions at Novartis and GSK, respectively.
Apart from bolstering its next phase of strategic expansion, Axmed will use the funds to build out its engineering and business development teams, whilst preparing the platform for launch. It will also enhance its marketplace technology and forge alliances with key healthcare stakeholders to ensure a reliable supply of critical medicines.
“We’re delighted to back this outstanding team,” added Lukas Weder, Founding Partner at Founderful. “The team’s commitment and enthusiasm for addressing this important challenge is inspiring. We have every confidence in their ability to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals. “
Axmed aims to forge critical partnerships and ensuring a steady flow of crucial medicines to those in need in Africa, a $43 billion pharmaceutical market compared to the $140 billion global pharmaceutical market. The urgency for accessible and affordable healthcare solutions has never been more evident, especially in the wake of the COVID-19 pandemic, which highlighted the need for a coordinated and sustainable medicines marketplace tailored to LMICs.