Connect with us
Techuncode

Business/Startups

RxAll: Nigerian Healthcare Startup Bags N135 Million Funding From Founders Factory Africa

Precious Akinkugbe

Published

on

RxAll, a Nigerian e-health care start-up, is the latest addition to Founders Factory Africa’s (FFA) Venture Scale Programme.

South African based Accelerator disclosed this on Monday, 21st of September.

The programme targets start-ups around Africa. 

The six-month bespoke programme is backed by Standard Bank and Netcare.

It will bestow finance of up to $300,000 to the start-ups.

Additionally, the VSP will also grant added support services to the selected start-ups. 

Three of the five selected startups are from South Africa. 

ALSO READ: Master Data Management Market Value to Reach $27.9B by 2025

The other two are from Kenya and Nigeria.

The three start-ups in South Africa include LocumBase, EnvisionIt Deep AI and Akii Labs.

The ones in Kenya and Nigeria are Bwala Africa and FoodLocker, respectively.

FFA was first set up in London in 2015.

It later started operations in Johannesburg, South Africa, in 2018.

It had been able to scale up 70 start-ups before its launch in Africa.

Now, it is looking to scale early-stage start-ups with programmes and funding.

Their target is 140 start-ups in Africa within the space of 5 years.

FFA works in partnership with Standard Bank and Netcare as investors.

Both of which will be granting exclusive alliances with the chosen start-ups. 

They’ll offer the start-ups data, business development, IP and expertise.

It will also assist with marketing and an edge in the competitive market.

Meet RxAll

RxAll: Nigerian Healthcare Startup Bags N135 Million Funding From Founders Factory Africa: CEO of Rxall

RxAll is a health information technology start-up founded in 2016. 

It was started by Nigerian pharmacist, Adebayo Alonge, alongside his associates, Amy Kao and Wei Liu.

The company uses technology to check for fake drugs using AI. 

It also makes use of nano scanners and a mobile app. 

Also, it works with regulatory bodies to reduce the use of knock-off drugs.

As such, it ensures patients gain access to high quality verified drugs. 

Additionally, RxAll now can identify fake or quality drugs in fewer than 20 seconds.  

Thanks to the RxScanner invented by Alonge.

RxAll: Nigerian Healthcare Startup Bags N135 Million Funding From Founders Factory Africa: RxScanner

CEO of Founders Factory Africa (FFA), Roo Rogers said that the RxAll offers a unique solution. 

“Counterfeit medication is a global health crisis. Its effect can be seen across the global healthcare ecosystem, with over 1 million people dying globally per year.”

With this, Adebayo alongside his team, will have access to a wider network.

By 2020 and the start of 2021, FFA looks to gather more health care start-ups.

ALSO READ: US firm Illumina Joins 54Gene to Build Lagos Genomics Lab

The start-ups will be a part of the venture scale programme.

Additionally, a model of the FFA includes the Venture Build Programme.

It aims to solve the needs of the African continent by using technology to build new businesses. 

What do you think about the FFA initiative?

Tell us in the comments section below. 

Precious Akinkugbe is a Video Producer at Techuncode, where she scripts and creates videos that are published across all the social platforms. She is also a radical writer and founder of "The Book Club," a small team of bibliophiles who spend their free time drowning between revolutionary pages. As far as hobbies go, she'll pick sitting in a room full of dogs over watching movies any day. Precious finds peace in travelling and exploring the world. Maybe you can go on a trip with her someday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Copyright © 2020 Techuncode.