Axmed, a B2B marketplace platform with headquarters in Switzerland, revealed on Wednesday that it has secured a $2 million initial investment round to expedite the cost, accessibility, and delivery of innovative and necessary medications to low- and middle-income countries (LMICs).
Emmanuel Akpakwu (CEO), co-founded the startup with Felix Ohnmacht and Sofia Radley-Searle with plans to enter Kenya, Nigeria, Ethiopia, Tanzania, and Rwanda as its first target markets.
Newsng understands that it will do so by partnering with non-governmental organisations, procurement agencies, faith-based institutions, and government-run care providers.
Axmed claimed it has created a two-sided B2B marketplace platform that serves public, third-sector, and private organisations, and optimises the procurement process for healthcare providers in emerging and growing countries.
The company reported that Founderful’s investment brings the total amount received to $7 million, supplementing an earlier $5 million in grant funding from the Bill and Melinda Gates Foundation.
“We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility,” said Akpakwu.
“This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively,” he added.
Reacting to the funding, Lukas Weder, Founding Partner at Founderful said:
“The team’s commitment and enthusiasm for addressing this important challenge is inspiring. We have every confidence in their ability to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals.”
The company claimed that the money would help it become more powerful in aggregating demand, allowing consumers to purchase medications directly from producers at a discount and avoid the more expensive traditional pharmaceutical supply chains with their several tiers of dealers and wholesalers.
We earlier reported that Egypt-based Swypex, a startup financial management software, has secured $4 million in preliminary funding led by a venture capital company, Accel.
