This comes after the organisation accepted five startups into the programme earlier this year in February.
The startups included Nigerian agritech, FoodLocker; Kenyan last-mile FMCG, Bwala Africa; and three South African startups — medical booking platform LocumBase, medtech company Envisionit Deep AI, and biomedical startup Akili Labs.
We just invested in RxAll – a health startup that enables hospitals, pharmacies and patients in Africa to buy high quality, non-counterfeit medicines online by authenticating and delivering drugs through their curated marketplace. https://t.co/YNMVLgxk3Y#FFA #RxAll #CapitalRaise pic.twitter.com/CkkQQCa3SyAdvertisement
— FoundersFactoryAfrica (@FoundersFFA) September 21, 2020
Aided by the technical and operational expertise offered at the programme, these startups have been presented the opportunity to access an investment of £30,000 ($40,000) as well as £220,000 ($287,000) in various support services like product development, data science, engineering, business development and growth marketing.
Since February, FFA has been actively sourcing for healthtech startups to join its programme until early 2021. This might explain why RxAll, the startup founded by Adebayo Alonge, Amy Kao and Wei Lui, was selected at this time into the 6-month bespoke programme.
Aiming to squash the $30 billion global fake drug industry, the healthtech startup enables hospitals, pharmacies and patients in Africa to buy high quality, non-counterfeit medicines online by authenticating and delivering drugs through their curated marketplace.
With RxScanner, its proprietary tech, the startup claims to identify the quality of prescription drugs in 20 seconds. After that, it displays results via its iOS and Android apps in real-time.
Speaking on the selection, Roo Rogers, CEO of Founders Factory Africa, has this to say.
“Counterfeit medication is a global health crisis. Its effects can be seen across the global healthcare ecosystem with over 1 million people dying globally per year. RxAll offers a unique, simple, and precise solution with its RxScanner device. FFA is excited to support RxAll’s growth and impact by delivering investment, network, and growth with Adebayo Alonge and his team.”
In addition to the almost $300k in funding and resources, RxAll will also have access to exclusive partnerships with FFA’s pan-African corporate investors, Standard Bank and Netcare.
Since launching four years ago, RxAll has won various prize money for its deeptech solution. Last year at Hello Tomorrow, a deeptech conference, the startup came out tops at the conference’s Global Challenge, taking home a €100,000 ($113,000) prize money. Taking that into account, the startup has raised a total of $3.3 million till date according to Crunchbase.
NEW REPORT ALERT: “Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Find out more in the full report.
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