In a round headed by Microtraction, the Nigerian health-tech company, Famasi Africa, has secured an undisclosed pre-seed investment to create the pharmacy infrastructure for African digital healthcare.
The co-founder of Famasi, Adeola Ayoola, interned at National Hospital Abuja in 2017 a year after receiving her bachelor’s degree in pharmacy from Obafemi Awolowo University in Nigeria. Adeola noted that “the hospital was always packed” with people arriving to collect medication refills, such as antiretrovirals.
In 2021, Adeola Ayoola and Umar Faruq Akinwunmi founded Famasi, an online pharmacy that offers its customers monthly or quarterly medicine “plans.”
Adeola, co-founder and CEO of Famasi, remarked that “Even though they didn’t have chronic illnesses, several of our first clients wanted to test out Famasi because they had other ailments that called for ongoing medication. Thus, we introduced our period care program, developed trust, and began to add additional individualized wellness plans”. The company claims to have reached gross profitability and increased revenue by 625% over the previous year, so it appears that this strategy has paid off.
Famasi has obtained undisclosed seed funding in a round headed by Microtraction with participation from Ore Ogundipe, GetEquity SPV, Isaac Ewaleifoh, Ibrahim Bello, Ayobami Olufadeji, Yusuf Abdulmalik, Adeline Okoh, Echezona Uzoma, Lanre Adelowo, Prosper Otemuyiwa, and Nadayar Enegesi.
A modest 3.19% of all investments raised in 2022, according to BD Funding Tracker, were allocated to the African health tech market, despite the fact that investments have increased since COVID.