DrugStoc raises $4.4M in Series A funding
Nigeria-based DrugStoc recently raised $4.4 million in its Series A round of funding led by Africa HealthCare Master Fund (AAIC). The round also saw participation from investors like Vested World, the German Development Bank (DEG), along with individual investors. The startup was founded by Chibuzo Opara and Adham Yehia to address the weak pharmaceuticals supply chain in Nigeria, and the entire continent of Africa at large.
“In Nigeria, we intend to expand beyond 14 million we currently serve to cover just around 100 million people. And this would be achieved by expanding to about 16 states. Once we are done with the heavy lifting from that expansion, we will be training our sights on other countries,” stated the startup.
Commenting on the investment, AAIC director Nobuhiko Ichimiya stated, “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.”
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