Axmed, a revolutionary two-sided B2B healthcare marketplace platform, announced that it has raised $2 million in a seed funding round. This investment, led by Founderful Ventures, brings the total funds raised to $7 million, following a $5 million grant from the Bill and Melinda Gates Foundation.
Axmed is an innovative healthcare venture focused on transforming access to medicines across low- and middle-income countries (LMICs). Through its robust digital platform, Axmed operates a two-sided B2B marketplace that bridges the gap between pharmaceutical manufacturers/suppliers and healthcare providers, ensuring a steady, affordable supply of critical medicines.
LMICs bear the brunt of global health disparities, accounting for over 80% of the world’s population and 90% of its disease burden, yet representing only 6% of global pharmaceutical revenue. Axmed’s innovative platform tackles this challenge by optimizing the procurement process for healthcare providers in emerging and growth markets. By aggregating demand for both off-patent and patented medicines, Axmed creates a win-win outcome: lowering barriers to accessing costly medicines for patients and providers while enabling manufacturers to expand their footprint in underserved markets.
Axmed’s founding team brings together over 30 years of collective experience in healthcare, finance, and public-private partnerships. CEO Emmanuel Akpakwu, previously Chief Commercial Officer for Novartis AG’s Sub-Saharan Africa operations, is joined by Felix Ohnmacht and Sofia Radley-Searle, who have held key positions at Novartis and GSK, respectively. Their united vision is to tackle healthcare inequity head-on.
“We’re not merely developing a medicines platform; we’re creating a bold new vision for the future of medicine accessibility,” said Emmanuel Akpakwu, CEO of Axmed. “This vision empowers buyers and unlocks the full potential of growth markets, allowing suppliers to compete effectively.”
This seed round propels Axmed into its next phase of strategic expansion, driving significant advancements in building out the engineering and business development teams, whilst preparing the platform for launch. Through targeted deployment of funds, Axmed will enhance its marketplace technology and forge alliances with key healthcare stakeholders to ensure a reliable supply of critical medicines.
“Axmed’s approach could fundamentally change how patients obtain treatments,” remarked Roselyne Opel, Head of the Organisation of Eastern Caribbean States Pooled Procurement Initiative (OECS PPI). “We look forward to seeing their platform reshape access, empowering buyers and strengthening supply of lifesaving therapies to a broader patient base.”
As the deadline for the UN Sustainable Development Goals approaches, Axmed reaffirms its commitment to building on the progress being made across global health. “We are driven by the belief that radical solutions are necessary to build on the progress being made across the various facets of global health. Axmed represents such a solution, and we are eager to make a positive, lasting impact on the world,” said Emmanuel Akpakwu.
