RxAll, a Nigerian healthtech startup, has a $3.15 million investment to scale across existing markets and improve its technology.
The funding round was led by Launch Africa with participation from SOSV’s HAX and Keisuke Honda via his KSK fund.
Founded in 2016 by Adebayo Alonge, Amy Kao, and Wei Lui, RxAll enables pharmacies and patients in Africa to buy high-quality, non-counterfeit medicines online by authenticating and delivering drugs through an online platform.
Its technology, RxScanner, is a handheld authenticator designed for patients to verify their drugs. The RxScanner can identify the quality of prescription drugs in 20 seconds and display results in real-time via mobile apps.
On the future plans of the firm, Alonge said the company’s next focus is on partnerships. According to him, they will be integral in RxAll’s push to scale its marketplace and scanner across Nigeria, Africa and the rest of the world.
“Asides from the hospitals, pharmacies, and patients, we also sell to governments and country FDAs on the scanner side of things. So we’re looking to secure key partnerships globally, not just in Nigeria, but across Africa, Southeast Asia, North America and South America. Those are the key markets we’re looking to scale into.”
Commenting on the funding, managing partner at Launch Africa Ventures Zachariah George said, “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.
“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.”
Duncan Turner, general partner at SOSV and managing director of HAX added, “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.”
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