Nigerian drug distribution startup, DrugStoc raises $4.4m to expand its operations
DrugStoc, a Nigerian health-tech startup, has secured $4.4m in a Series A funding round to scale its efforts in Nigeria. The company was a beneficiary of the inaugural $1million Africa Netpreneur Prize Initiative by the Jack Ma Foundation in 2019 in which it received $65,000.
It was also a recipient of a grant from Bill and Melinda Gates and also received seed funding from VestedWorld; both of undisclosed amounts.
The Series A funding round was led by Africa HealthCare Master Fund (AAIC) with participation from Vested World, a repeat investor and the German Development Bank (DEG). Other private individuals also contributed to the round.
Launched in 2017, DrugStoc was founded by Chibuzor Opara and Adham Yehia. the healthtech startup is a procurement platform to source all the medications, consumables, and small medical devices needed for medical practices.
Africa HealthCare Master Fund (AAIC) director, Nobuhiko Ichimiya expressed excitement at the investment.
“We are very excited to be part of the DrugStoc journey. The pharmaceutical market in Africa has enormous growth potential, and we are glad to back a company that is well positioned to be a key player in the sector’s growth in sub-saharan Africa,”
DrugStoc’s co-founder and CEO, Chibuzor Opara, while expressing the company’s commitment to making an impact in the healthcare industry, said the funding will enable the startup to expand and launch its tech-enabled products in more African countries where pharmaceuticals are critically needed.
