A drug anti-counterfeiting startup RxAll has secured $3.5m in a funding round for further expansion and its technology development. Launch Africa led the funding round, however, firms like SOSV’s HAX and Keisuke Honda’s KSK fund took part in the round as well.
Also, towards the end of 2020, RxAll secured a $900,000 preseed funding. The company is based in the United States and Nigeria and leverages deep technology to provide users high-quality medication.
The startup plans its expansion into 14 countries before the end of 2021.
The Managing partner at Launch Africa Ventures, Zachariah George on the raised fund said that the company is glad to have co-led the funding round and thinks that RxAll will bridge the gap that restricts access to quality healthcare in Africa. According to him, RxAll has pioneered a drug delivery platform that enables both pharmacies and patients to purchase authentic medicine without visiting a store.
“The ability to achieve favorable unit economics and multiple revenue streams by leveraging anti-counterfeiting mobile spectrometer technology, owning the entire drug delivery supply chain and their own payment wallet, provides a massive growth and scaling opportunity across Africa and beyond,”
The General Partner at SOSV and Managing Director of HAX, Duncan Turner said:
“We’ve been incredibly impressed by RxAll’s ability to scale and meet customer demand. In just the last year, the team has brought together world-class hard tech and operational excellence to solve pressing issues for over a million Nigerians, and we couldn’t be more excited by their vision for the broader pharmaceutical market,”
About RxAll
RxAll is a Platform that is in demand for safe drugs. It allows B2B2C deliveries of medicines with high quality at wholesale and manufacturer Price to hospitals, Patients, and pharmacies from its curated network of high-quality pharma companies and wholesalers.
Its tech stack is made up of a proprietary instant drug testing platform- RxScanner that assists the sellers to authenticate the medicines they sell. RxAll also has the RxPOS that assists its sellers to manage and sell inventory online and in-store.
In addition, the startup has an extensive RxLogistics fleet of vans and bikes that allows supplies from our pharma company and wholesale partners to our B2B2C customers. RxAll’s vision is to allow universal access to medicines of high quality at the lowest prices to all humans globally.
