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Nigeria’s Remedial Health gets QED backing in $12M round on August 1, 2023 at 5:00 am

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Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, has raised $12 million Series A equity-debt funding, to scale operations in the West African country.

Fintech VC firm QED Investors co-led the round, banking on embedded financial opportunities like payments, and lending in the pharmaceutical sector. This is QED’s third investment in Africa after its involvement in the Moniepoint (formerly TeamApt), and Flapkap deals last year. Ventures Platform, also co-led the round, which saw the participation of existing investors like Y Combinator, Tencent and Gaingels.

Pharmacies and hospitals use Remedial Health’s platform to order pharmaceutical products sourced from reliable and trusted manufacturers and verified distributors. This helps to stem erratic prices, and the supply of fake and substandard products that are behind thousands of preventable deaths in Nigeria, and Africa at large. It also ensures a proper handling of the products, which can’t be said of the open drugs market in Nigeria.

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A recent report by Nigeria’s National Agency for Food and Drug Administration and Control estimates that about 15% of the medicine sold in the country is fake or sub-standard. Besides, it is estimated by the United Nations Office on Drugs and Crime, that half a million people die in sub-Saharan Africa owing to substandard or counterfeit medicine.

Remedial Health gets $4 million debt funding to scale inventory financing

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Founded by Samuel Okwuada (CEO), and Victor Benjamin (COO) in 2021, Remedial Health plans to use the new funding to deepen its operations in Nigeria. The funding includes $4 million debt to help it scale inventory financing.

Okwuada told TechCrunch that priority at the moment remains on increasing penetration in 34 states by getting more pharmacies and hospitals signed up, especially in rural areas, where demand is growing.

“We are seeing more growth in rural areas, because they are difficult to reach, and are far from major open drug markets in Nigeria,” said Okwuada, adding that the startup currently has a “considerable market share” in at least half of the 34 of 36 states it operates in within Nigeria.

The YC-alumni currently serves over 5,000 pharmacies and hospitals, having grown its client count by 3X since November last year. It sources the over 8,000 products it sells from 300 manufacturers, among them GSK, Pfizer and AstraZeneca.

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Its inventory financing, which enables its clients to restock without upfront payment, has helped grow its client count, and revenues by 7X over the last 10 months too.

“We are a B2B business and we are able to provide inventory to these pharmacies without requesting cash up-front, or at the point of delivery… We’ve seen them grow their businesses, open additional branches because they are able to get credit,” said Okwuada.

Remedial’s platform enables its customers to manage their operations including inventory management (through an app too), accounting, and financial reporting. It also provides real-time market intelligence that informs manufacturers on production and distribution.

Okwuada said its customers receive orders within 24 hours. The startup has a network of distribution hubs, spread across the regions it serves, and does last-mile delivery in-house or through partners. Other startups bringing efficiency in the pharmaceutical value chain include MyDawa, and DrugStoc.

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Commenting on the investment, QED Investors partner, and head of Africa, Gbenga Ajayi said in a statement: “The success that Remedial Health has enjoyed to date is an indication of the market gap that exists, and their value in providing effective holistic services to thousands of pharmacies across Nigeria.”

“QED is particularly excited about the embedded financial services opportunities within the vertical — the ability to provide payments, embedded lending and other fintech solutions to this underserved but very crucial sector.”

Nigeria’s YC-backed Remedial Health raises $4.4M seed funding

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​ Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, has raised $12 million Series A equity-debt funding, to scale operations in the West African country. Fintech VC firm QED Investors co-led the round, banking on embedded financial opportunities like payments, and lending in the pharmaceutical sector. This is QED’s 

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Business

TikTok Sues US Gov’t

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TikTok is suing the US government to stop the enforcement of a bill that seeks to force the app’s Chinese owner to sell the app or face a ban. The lawsuit argues that the bill violates constitutional protections of free speech and is an “unprecedented violation” of the First Amendment.

Visit of Shou Zi Chew, CEO of TikTok, to the European Commission

Background

  • The bill, the Protecting Americans from Foreign Adversary Controlled Applications Act, was passed last month.
  • The lawsuit was filed in the US Circuit Court of Appeals for Washington, DC.
  • TikTok argues that the bill is a permanent, nationwide ban on a single speech platform and restricts free speech without sufficient reason.

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Government Response

  • The Department of Justice has not commented on the lawsuit.
  • A White House spokesperson directed a request for comment to the Justice Department.
  • John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, stated that TikTok poses a grave risk to national security and the American people.

Legal Proceedings

  • The lawsuit is expected to add to an already lengthy timeline for a potential ban or sale of the app.
  • ByteDance, TikTok’s Chinese owner, already had over a year to make a move, and legal proceedings will pause the timeline, meaning it could be years before a ban goes into effect.

TikTok’s Efforts

  • TikTok has made efforts to assure the public and US officials that it takes data security seriously.
  • In 2022, the company started “Project Texas,” a move meant to provide data security and transparency around the information the app collects about US users.

Conclusion

  • The lawsuit states that Congress has not offered any evidence suggesting that TikTok poses data security risks or foreign propaganda spread that could justify the law.
  • TikTok claims the law violates the right to due process under the Fifth Amendment and is an unconstitutional bill of attainder.

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Universal Music Group & TikTok Partner in New Licensing Agreement

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In a monumental move, Universal Music Group (UMG) and TikTok have announced a pioneering licensing agreement that will transform the music landscape. This historic deal unites UMG’s vast music catalog with TikTok’s massive user base, unlocking unprecedented opportunities for artists, songwriters, and fans worldwide.

Visit of Shou Zi Chew, CEO of TikTok, to the European Commission

A New Era for Music Consumption and Monetization

The agreement marks a significant milestone in the UMG-TikTok relationship, allowing users to once again create videos featuring music from global superstars and emerging talent. The deal also paves the way for innovative monetization opportunities, with TikTok investing in artist-centric tools and campaigns to support UMG artists across genres and territories globally.
A Shared Commitment to Valuing Music and Creativity
Sir Lucian Grainge, Chairman and CEO of UMG, and Shou Chew, CEO of TikTok, hailed the agreement as a “new chapter” in their partnership, built on a shared commitment to promoting the value of music, human artistry, and the welfare of the creative community.

Sir Lucian Grainge, Chairman and CEO of UMG on the left of the photo.

Addressing Generative AI Concerns
The deal also tackles concerns around generative AI, with TikTok committing to work with UMG to ensure that AI development in the music industry protects human creativity and the economics that flow to artists and songwriters.
Deeper Connections and Responsible AI Development
Ole Obermann, TikTok’s Global Head of Music Business Development, emphasized that the agreement will “create deeper connections between artists, creators, and fans” and ensure that AI tools are developed responsibly to enable a new era of musical creativity and fan engagement.
Transformational Partnerships and Advancements
Michael Nash, Chief Digital Officer and EVP of UMG, welcomed the renewed relationship with TikTok, citing the potential for “transformational partnerships” and “significant advancements” in commercial and marketing opportunities, as well as protections for UMG’s industry-leading roster.
A Win for the Music Industry
This groundbreakingagreement is a major victory for the music industry, which has long sought to strike a balance between promoting artistic creativity and protecting the rights of artists and songwriters in the digital age. With UMG and TikTok working together, the possibilities for innovation and growth are endless, and fans can look forward to enjoying music from their favorite artists in new and exciting ways.
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House of Lords to Host Nigerian Innovators

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Clean Cyclers, alongside Sustainability Unscripted and other sustainability partners, is gearing up to host the 3rd Edition of the Global Sustainability Summit in the United Kingdom. Scheduled for March 28 – 29, 2024, at the prestigious House of Lords in the Palace of Westminster, the summit aims to raise awareness, promote collaboration across disciplines, tackle global challenges with local solutions, and advocate for social equity.

Canon Otto, the organizer and founder of Clean Cyclers, emphasized the summit’s commitment to inclusivity, prioritizing climate action, environmental stewardship, and identifying policy pathways for sustainable development. Under the theme “Advancing Sustainability, a Journey Towards a Greener Future,” the summit will gather leading visionaries, experts, innovators, and change-makers from global corporations, organizations, and government agencies to brainstorm strategies for adopting the 2030 Sustainable Development Goals.

Sustainability Businessman Otton Canon

The summit will feature panel sessions addressing urgent topics such as climate action, circular economy, renewable energy revolution, sustainable cities, biodiversity conservation, green finance, sustainable agriculture, and climate justice. Additionally, it will recognize and celebrate companies, governments, organizations, and individuals demonstrating commitment to sustainability through practical initiatives and the realization of short-term objectives and long-term goals.

In a statement, the organizers highlighted the broad spectrum of sustainability practices, policies, and innovations aimed at mitigating climate change, conserving biodiversity, protecting natural resources, and promoting social equity. The theme “Advancing Sustainability” underscores the need for a shift from short-term exploitative approaches to long-term regenerative ones, reflecting humanity’s ability to learn, adapt, and innovate.

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The summit aims to foster knowledge exchange, collaboration, and actionable solutions over two days of physical gathering at the House of Parliament in London. Participants will explore diverse perspectives, share knowledge, and work together to shape strategies that drive meaningful change and accelerate progress towards a sustainable future.

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