Axmed, a pioneering force in the healthcare industry, has successfully secured $2 million in seed funding, demonstrating its commitment to transforming healthcare access in emerging markets.
The investment, spearheaded by Founderful, propels Axmed’s mission to enhance the availability and affordability of essential medicines in regions that need it most. Following a substantial grant from the Bill and Melinda Gates Foundation, this new funding marks a significant milestone in the startup’s journey.
Strategic Funding Initiative
Axmed’s recent funding round brings its total capital raised to $7 million. With pivotal backing from Founderful, this financial boost aims to expedite the distribution and affordability of crucial medicines across underserved areas. Additionally, the funds will empower Axmed to strengthen its engineering and commercial teams, alongside advancing its technology infrastructure for operations in select African and Caribbean markets.
Leadership and Vision
The inception of Axmed was driven by Emmanuel Akpakwu, who previously served as Chief Commercial Officer for Novartis AG’s Sub-Saharan Africa operations. Collaborating with Felix Ohnmacht and Sofia Radley-Searle, both with extensive experience at Novartis and GSK, they bring over 30 years of expertise to the table.
With a shared vision to combat healthcare inequity, the founders are leveraging their knowledge to ensure a steady supply of affordable, high-quality medicines. Their mission transcends technology, focusing on establishing critical partnerships within public and private sectors.
Innovative Healthcare Solutions
The need for accessible healthcare solutions has escalated post the COVID-19 pandemic. Axmed’s B2B marketplace is uniquely designed to optimise the procurement process for healthcare providers in emerging markets.
By aggregating demand for various medicines, the platform enables larger, cost-effective order volumes, enhancing the purchasing power of healthcare entities.
This curated approach not only increases buyer leverage but also facilitates seamless logistics management, ensuring timely delivery of essential medicines.
Bill and Melinda Gates Foundation
A Game-Changing Platform
Axmed’s platform stands out by fostering a win-win environment through its procurement services. By lowering access barriers, it empowers healthcare providers and supports manufacturers in extending their reach into underserved markets.
CEO Emmanuel Akpakwu emphasised, “Our vision for medicine accessibility reshapes buyer empowerment and unlocks growth market potential, enabling competition among suppliers.”
The Support of Industry Leaders
The innovative model has garnered significant support from industry leaders, including James Nyamongo of Nairobi Hospital, who highlights the platform’s role in elevating medicine quality locally and globally.
Thibaud Lefort of Sanofi’s Global Health Unit underscores Axmed’s potential to transform global health dynamics significantly.
Roselyne Opel from OECS PPI anticipates the platform’s impact on improving access to lifesaving therapies.
Axmed, a two-sided B2B marketplace platform, has raised $2 million in funding led by Founderful.
Future Prospects
Axmed’s vision extends beyond immediate financial gains. It aspires to reshape the $140 billion LMIC pharma market by advancing medicine accessibility for over six billion people.
With ongoing support from investors and industry stakeholders, the startup is poised to revolutionise healthcare procurement across emerging markets.
Concluding Thoughts
As Axmed continues to drive innovation and change within the healthcare sector, it sets a new precedent for addressing pharmaceutical disparities globally.
Axmed’s proactive approach in addressing healthcare inequities is a testament to its pioneering spirit. With strategic partnerships and robust funding, the startup is on a steadfast path towards enhancing medicine accessibility in emerging markets.
This transformative journey highlights the pivotal role of innovative business models in bridging healthcare gaps, paving the way for a healthier future.
