Founders Factory admits Nigerian e-health startup RxAll into Africa Venture Scale programme

NIGERIA – Founders Factory has admitted Nigerian e-health startup RxAll into its Africa Venture Scale program, which provides access to funding and additional support services to promising startups from the continent

The company launched its African operations in Johannesburg in 2018, from where it plans to design, build and scale 140 disruptive tech startups across Africa over the next five years.

Earlier this year, Founders Factory Africa took 10 startups into its Venture Scale programme with batches in February and March, and has now selected RxAll to become part of its programme.

The company brought its model to Africa in partnership with Standard Bank, which made a multi-million-dollar investment into Founders Factory Africa.

 Founders Factory has also secured backing from Netcare, which operates South Africa’s largest hospital network, to provide a platform for entrepreneurs to build and scale e-health startups across Africa.

RxAll, one of the e-health startups that are expected to benefit from the partnership between Founders Factory and Netcare, is dedicated to providing high quality medication to patients that need them.

“RxAll offers a unique, simple, and precise solution to the counterfeit medication problem 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.”

Roo Rogers – chief executive officer (CEO) of Founders Factory Africa.

“RxAll is an exciting venture that allows patients to have better access to high quality medication and pharmacies to access authenticated medication,” said Richard Friedland, CEO of Netcare Group.

Founded by Nigerian pharmacist Adebayo Alonge alongside Amy Kao and Wei Lui, RxAll enables hospitals, pharmacies and patients in Africa to buy high quality, non-counterfeit medicines online by authenticating and delivering drugs through their curated marketplace.

Its RxScanner is a proprietary molecular sensor device that can identify the quality of prescription drugs in 20 seconds displaying results on an IoS and Android app in real-time. The platform is active across the continent.

RxAll will now take part in the six-month Venture Scale programme, through which it will gain access to US$100,000 in cash, as well as tailored support services across product design, data science, engineering and business development.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.