Nigerian healthtech startup Lifestores raises $3m to expand its pharmaceutical marketplace

Nigerian healthtech startup Lifestores raises $3m to expand its pharmaceutical marketplace

Published: 14-10-2022 12:27:00 | By: Pie Kamau | hits: 4159 | Tags:

Nigerian healthtech startup Lifestores Healthcare has raised $3 million for expansion across the country in a pre-Series A funding round. The round was co-led by Health54 and Aruwa Capital Management, with participation from other investors.

The online pharmaceutical marketplace offers two products. The first is the OGaPharmac, a platform that enables pharmacies and hospitals to aggregate their purchasing needs. Lifestrores seeks the lowest possible prices from suppliers of high-quality medications on behalf of pharmacies and hospitals on the platform. The platform is able to average discounts ranging between 10% to 20%. The other product is an ERP system built to enable pharmacies and dispensaries to manage their operations.

Lifestores Healthcare has been in operation since 2020 and offers its services through a network of more than 750 outlets. The company says that its monthly growth is about 25%. It also claims that it now has more than 10% of Nigeria’s pharmacies as registered customers.

Côme Vercken, Managing Director, Health54: “We’re proud and happy to make our first investment with Health54 in Nigeria and in Lifestores. In two years, they have built a first-rate distribution platform with OGApharmacy. As a strategic partner, we’re delighted to work together and bring the benefits of our vertically integrated pharmaceutical supply chain so we can support more patients in Nigeria and beyond with quality primary healthcare.”

The funds will be invested in enhancing the company’s software and onboarding new clients. The firm also says it will invest in growing its senior management, sales and engineering teams.