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Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets
The seed funding follows a $5M grant it got from the Gates Foundation to avail maternal and child healthcare in high-priority countries.
The startup wants to pull that off by aggregating demand, enabling buyers to source drugs directly from manufacturers at lower costs, and move away from traditional pharmaceutical supply chains that have multiple levels of dealers and distributors. The startup’s initial target markets include Kenya, Nigeria, Ethiopia, Tanzania and Rwanda, where it intends to make inroads through faith-based institutions, non-governmental organizations, government-led care providers and procurement agencies. Emmanuel Akpakwu(CEO), who co-founded the startup with Felix Ohnmacht and Sofia Radley-Searle, told TechCrunch that they aim to tap the aggregation model to strengthen buyer power and create an attractive market opportunity for manufacturers.
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