NIGERIA – Famasi, a Nigerian e-health startup that began as a medicine management service but has since broadened its mission to include creating pharmacy infrastructure to grow digital health, has secured a pre-seed round of investment.
Microtraction led Famasi’s pre-seed round, which included Ore Ogundipe, GetEquity SPV, Isaac Ewaleifoh, Ibrahim Bello, Ayobami Olufadeji, Yusuf Abdulmalik, Adeline Okoh, Echezona Uzoma, Lanre Adelowo, Prosper Otemuyiwa, and Nadayar Enegesi.
“With this funding, we’re lucky to partner with investors who believe in this mission, including some of our early customers who connect deeply with the problem,” founder Adeola Ayoola said.
Launched in 2021 by Adeola Ayoola and Umar Faruq Akinwunmi, Famasi is a digital health platform that helps people access their medications, get doorstep delivery, automate monthly refills, enjoy free follow-ups and connect with healthcare providers.
However, the health tech startup started to roll out non-chronic plans like menstrual care and sexual health during its beta.
“When we started, we realised there was a huge infrastructure gap and we had to build ours from scratch. Access to medications is a problem that’s bigger than one startup,” Ayoola said.
“However, we believe that with the proper infrastructure, we can offer more personalisation with our B2C offering while enabling more digital health solutions to not just be born, but thrive.”
Faruq said the startup is set to onboard over 35,000 customers from its pipeline and grow its providers from 229 to 1,000 by the end of 2023.
“We’re on a mission to power one million refills by 2027. We’re very lucky to have an amazing team where everyone is connected to the problem and passionate about solving it for themselves and their loves. We’re on track to simplify & personalise medication management at scale, starting with our APIs,” he said.
While the health tech scene in Africa has seen an increase in investments since COVID, it still remains underfunded having received a meagre 3.19% of total investments raised in 2022, according to BD Funding Tracker.
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