Nigerian healthtech startup, RxAll has secured investment from Founders Factory Africa after being accepted into the Venture Scale programme.
RxAll which was founded in 2016 by Adebayo Alonge, Amy Kao and Wei Lui makes it possible for hospitals, pharmacies, and patients in Africa to buy high quality, non-counterfeit medicines online by authenticating and delivering drugs through their curated marketplace.
The startup’s RxScanner is a proprietary molecular sensor device that can identify the quality of prescription drugs in 20 seconds displaying results on an IoS and Android app in real-time. The healthtech startup will now participate in a 6-month bespoke program.
FFA’s Venture Scale programme drives startup growth across Africa providing $300,000 investment in cash and tailored support services.
In addition to the hands-on support provided, participating startups also have access to exclusive partnerships with FFA’s corporate investors, Netcare and Standard Bank, as well as other partners in FFA’s network. FFA startups are supercharged by FFA’s hands-on team, corporate partners, local knowledge, global community and investment opportunities — a unique combination that FFA term the ‘unfair advantage’.
Commenting Roo Rogers, CEO of Founders Factory Africa, says: "Counterfeit medication is a global health crisis. Its effects can be seen across the global healthcare ecosystem with over 1 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.”
Richard Friedland, CEO of Netcare Group, says: "RxAll is an exciting venture that allows patients to have better access to high-quality medication and pharmacies to access authenticated medication.”
RxAll will join FFA’s growing portfolio of African FinTech and HealthTech businesses including LocumBase (South Africa), Akili Labs (South Africa), EDAI (South Africa), WellaHealth (Nigeria), and RedBird (Ghana). Applications to the Venture Scale program are open-ended via the FFA website. FFA is currently specifically sourcing HealthTech startups to join the program in 2020 and start of 2021.