Nigeria-based health care company, Field Intelligence has closed a $3.6 million Series A funding round to scale up its supply chain service to pharmacies.
The four-year-old company has raised $3.6 million in its first round of outside capital. Leading the round was Blue Haven Initiative, the family office of Liesel Pritzker Simmons and Ian Simmons, with backing from Accion Venture Lab and South Africa’s Imperial and Newtown Partners, and a small impact investor that declined to be named. Blue Haven’s Managing Director Lauren Cochran says the deal is Blue Haven’s first investment in healthcare.Lauren Cochran – Managing Director, Blue Haven Initiative
Imperial Venture Fund, a new $20 million fund created by Newtown Capital and South African logistics company Imperial, also backed the round. Field Intelligence is Imperial Venture’s first investment. Field Intelligence uses technology to improve the supply chain and logistics needs of pharmacies in Africa.
Healthcare systems in Africa are wrought with inefficiencies, thus Field Intelligence is addressing the availability of pharmaceuticals with software that helps pharmacies forecast, manage and finance drug orders. A $60-billion market, pharmacies are the closest medi-care most Africans have access to, so this is a problem which Field Intelligence is interested in solving.
Its flagship product is Shelf Life, a subscription-based service that helps pharmacies restock inventory on-demand or every week. The service sells pharma products and inventory management tools to drug stores. Shelf life app during delivery at Princess Pharmacy in Nairobi on November 8, 2019. The tech solution allows stores to forecast, procure, deliver, manage, and finance each product they have subscribed to. Shelf Life is live in Nigeria and Kenya.
Since it launched in 2017, Shelf Life has grown to 280 pharmacies as subscribers. The company says Shelf Life has helped to maintain 96% stock availability for subscribers, up from 60% when they were not subscribed. With its new funding, Field Intelligence says it will scale up Shelf Life in Nigeria and Kenya. It plans to develop additional features for the service.
The diverse background of its investors could play a big role in its future. For instance, Accion Venture Lab has only ever backed fintechs. Getting Accion’s support could mean Field Intelligence is developing some finance technology targeted at drug stores.
For Field Intelligence’s part, its founder Michael Moreland, and Cochran told ImpactAlpha that the start-up selected investors that would re-up in subsequent rounds. “It took a year, talking to so many investors,” said Moreland. “I wanted to do that once and then grow with those partners.”
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