Healthtech startup, DrugStoc has raised $4.4 million to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa.
The funding round is led by Africa HealthCare Master Fund (AAIC), and other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG), the startup said in a statement on Monday.
Nobuhiko Ichimiya, Director at AAIC was quoted by the statement as saying, “We are very excited to be part of the Drugstoc journey. The pharmaceutical market in Africa has enormous growth potential and we are glad to back a company well-positioned to be a key player in the sector’s growth in sub-Saharan Africa.”
Chibuzor Opara, DrugStoc’s co-founder and CEO; said, “We are committed to making an impact in the healthcare industry. This funding will enable us to expand and launch our tech-enabled products in more African countries where pharmaceuticals are critically needed.
Launched in 2017, DrugStoc is a cloud-based platform that provides healthcare providers with the interface for easy access to pharmaceuticals and healthcare products.