Famasi secures pre-seed to build Africa's digital pharmacy infrastructure
Summary
"It was overwhelming the system, over 120 people queued at the pharmacy every day for HIV medications," she told Benjamindada.com, "I did not have a solution [at the time], but I spotted the problem. According to the driver, even if you visit the hospital, you will be required to buy the prescribed medications elsewhere.Aside from this trip, Adeola and Umarwho read health policy and management at the University of Ibadan, noticed that these aforementioned issues were happening almost everywhere they went, making it an obvious issue with Nigerias pharmaceutical infrastructure.In September 2021, the duo launched Famasi, an online pharmacy that delivers medications as monthly or quarterly plans to its customers. This seems to have paid off for the company as it claims to have hit gross profitability and grown revenue by 625% over the past year.To deepen its efforts in building a digital infrastructure for the pharmaceutical infrastructure in Africa, Famasi has secured undisclosed seed funding in a round led by Microtraction with participation from Ore Ogundipe, GetEquity SPV, Isaac Ewaleifoh, Ibrahim Bello, Ayobami Olufadeji, Yusuf Abdulmalik, Adeline Okoh, Echezona Uzoma, Lanre Adelowo, Prosper Otemuyiwa & Nadayar Enegesi.While the health tech scene in Africa has seen an increase in investments since COVID, it still remains underfunded having received a meagre 3.19% of total investments raised in 2022, according to BD Funding Tracker. The team is ambitious in their mission to build exciting Products that redefine healthcare and embed multiple solutions, including finance, on one platform. We are on a mission to power 1 million refills by 2027 and the powerful combination of our latest partners to our amazing team gives us everything we need to personalise access to medications at scale, starting with our APIs," Umar Faruq, co-founder and Chief Product Officer, said.The Nigeria-based Famasi Africa joins the very short list of health techs, including mPharma, OneHealth and myMedicines, with a promise to improve access to medications.
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