DrugStoc Raises $4.4M To Improve Africa’s Disrupted Pharmaceutical Supply Chains

DrugStoc has raised $4.4 million in a Series A funding round led by Africa Healthcare Master Fund, Vested World, the German Development Bank and others.

The investors will play a vital role in the sector’s continued growth. The firm plans to open more fulfillment centers and increase transit points and routes.

It also hopes to provide more improved logistic alternatives for deliveries projected to be tardy.

The founders plan to tap into more investment prospects in cold chain infrastructure with the hope of creating safer distribution for perishable items.

To further this goal, they also plan to create partnerships with financial organizations that will lead to sustainable supply chain financing opportunities.  

“In Nigeria, we intend to expand beyond 14 million we currently serve to cover just around 100 million people. And this would be achieved by expanding to about 16 states. Once we are done with the heavy lifting from that expansion, we will be training our sights on other countries,” a statement from DrugStoc read, according to TechCrunch.