In September 2022, Nigerian health technology startup Remedial Health announced it had secured $4.4 million in seed funding, led by Global Ventures, alongside Y Combinator, Tencent, Ventures Platform, LightSpeed Scout Fund, and other global investors. Less than a year later, in August 2023, the company advanced further by closing a $12 million Series A round, comprising $8 million in equity and $4 million in debt financing.
The Series A equity investment was co-led by QED Investors and Ventures Platform, with participation from existing and new backers. The debt financing came from a group of domestic and international lenders, reflecting growing institutional confidence in the startup’s business model.
Remedial Health provides digital infrastructure to pharmacies and small hospitals across Nigeria. It offers same-day delivery of medicines, procurement tools, inventory management solutions, and access to Buy-Now-Pay-Later financing. With operations in 34 out of Nigeria’s 36 states, the company works with over 5,000 healthcare providers and more than 300 manufacturers and distributors.
The fresh capital will help scale its reach to rural areas, expand its technology offerings, and deepen its embedded finance capabilities to improve access to affordable and timely healthcare.
Vendease Secures $30M Series A to Expand Food Supply Chain Solutions Across West Africa
In September 2022, Vendease, a Lagos-based food supply chain startup, raised a total of $30 million in Series A funding—$20 million in equity and $10 million in debt financing. The equity round was co-led by Partech and TLcom Capital, two leading investors in African tech, while the debt was secured from local financial institutions.
Vendease helps restaurants and food service businesses digitally source and manage inventory, providing timely food deliveries and procurement services. It also offers embedded finance solutions, such as short-term credit for supply purchases, helping businesses manage cash flow and reduce wastage.
Operating in Nigeria and Ghana, the company processes thousands of metric tons of food monthly and facilitates fast delivery within 12 hours. The new funds will enable Vendease to enter more West African cities, further build out its technology platform, and strengthen its logistics infrastructure.
Summary of Funding Success
| Startup | Funding Type | Amount Raised | Purpose |
|---|---|---|---|
| Remedial Health | Seed | $4.4 million | Initial scaling and product development |
| Remedial Health | Series A | $12 million (equity + debt) | Rural expansion, digital tools, embedded finance |
| Vendease | Series A | $30 million (equity + debt) | Regional expansion, logistics, supply financing |
Driving Innovation in Critical Sectors
These two funding rounds mark a pivotal moment for Nigerian startups operating in essential service sectors. Both Remedial Health and Vendease are tackling systemic inefficiencies in Nigeria’s healthcare and food industries by combining technology with financial inclusion tools.
Their success stories underscore the increasing investor confidence in African startups that go beyond fintech to address real-world challenges. As they scale operations and expand their reach, both companies are contributing to Nigeria’s growing influence in Africa’s tech-driven development landscape.
