B2B Healthcare Marketplace Axmed Raises USD 2 M Seed Funding

Axmed, a B2B marketplace seeking to build a marketplace that aims to link manufacturers with health institutions to fix the inefficiencies that lead to shortages, high costs and the proliferation of counterfeit drugs, has raised USD 2 M in seed funding from Founderful Ventures to fuel its plans.

The startup aims to do so by aggregating demand to enable 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. To trade on the marketplace, both sellers and buyers would have to meet multiple regulatory and legal criteria.

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.