Nigerian eHealth Startup RxAll Joins the Founders Factory Africa’s Venture Programme
Nigerian ehealth startup – RxAll, which enables hospitals, pharmacies, and patients in Africa to buy high-quality drugs, has become the latest startup to join the Venture Scale program of Founders Factory Africa which provides access to funding and extensive support services.
Founders Factory originally began in London in 2015 and has already built about 70 startups. In 2018, it expanded to Africa via a launch in Johannesburg, from where it aims to design , create, and scale 140 disruptive tech startups across Africa over the next five years.
The company brought its model to Africa in partnership with Standard Bank, which made a multi-million dollar investment into Founders Factory Africa, and the pair made their first investments April of last year. It has since secured backing from Netcare, which operates South Africa’s largest hospital network, to provide a platform for entrepreneurs to build and scale e-health startups across Africa.
bIn collaboration with Standard Bank, which made a multi-million dollar investment into Founders Factory Africa brought its concept to Africa, and the pair made their first investments in April of last year. It has since secured support from Netcare, the largest hospital network in South Africa, to provide entrepreneurs with a forum to develop and grow e-health start-ups across Africa.
In February and March this year, Founders Factory Africa took 10 startups in batches into its Venture Scale programme and has now chosen RxAll to participate. Founded by Nigerian pharmacist Adebayo Alonge alongside Amy Kao and Wei Lui, RxAll allows hospitals, pharmacies and patients in Africa to purchase high-quality, non-counterfeit medicines online by facilitating its authentication and distribution process.
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RxAll is committed to supplying patients across Africa with high quality drugs. Its RxScanner is a patented molecular sensor system capable of defining the prescription drug content in 20 seconds, showing results in real-time on an IoS and Android app. The platform is active in the mainland.
It will now participate in the six-month Venture Scale programme, gaining access to GBP80,000 (US$ 100,000) in cash, as well as tailor-made support services through product design, data science, engineering, and business development.
Chief executive officer (CEO) of Founders Factory Africa, Roo Rogers said counterfeit medicine is a global health issue.
“Its effects can be seen across the global healthcare ecosystem with over one million people dying globally per year. RxAll offers a unique, simple, and precise solution with its RxScanner device. FFA is excited to support RxAll’s growth and impact by delivering investment, network, and growth with Adebayo Alonge and his team,” he said.
“RxAll is an exciting venture that allows patients to have better access to high quality medication and pharmacies to access authenticated medication,” said Richard Friedland, CEO of Netcare Group.
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