RxAll, a US- and Nigeria-based on-demand drug testing platform, has raised $2.25 million in a seed funding round led by early-stage investor Launch Africa Ventures.
Venture capital firm SOSV’s HAX startup development programme and Japanese football star Keisuke Honda’s KSK angel fund also invested in RxAll.
This tops up a pre-seed round of $900,000 that the US-and Nigeria-based startup had scooped up late last year. RxAll was also picked for Founders Factory Africa’s Venture Scale programme last year.
RxAll was co-founded by chief executive officer Adebayo Alonge, Amy Kao and Wei Lui in 2016. It is a health-tech startup that works with drug regulatory agencies and other stakeholders seeking to reduce fake medicines. It enables business-to-business-to-consumer deliveries of medicines at wholesale price to hospitals, pharmacies and patients from its curated network of wholesalers and pharmaceutical companies.
The firm’s key product is RxScanner, a handheld drug authenticator device created for patients to verify their drugs. The the proprietary instant drug testing platform also helps drug regulators to reduce administrative burden, and improve record keeping and productivity.
The company’s tech stack also includes RxPOS, which helps its sellers manage and sell inventory in store and online. It has also created a RxLogistics fleet of bikes and vans for transportation of the drugs.
While the firm is positioning itself for the global market, a large section of its current business is centred around Africa at its key operational base in Nigeria.
As per its website, the company has operations in around a dozen cities across Nigeria and Canada.