Nigerian e-health startup DrugStoc, a drug procurement platform for hospitals and pharmacies, has secured an undisclosed amount of funding from the Growth Capital fund run by the Co-Creation Hub (CcHub) incubator.
Founded in 2015, DrugStoc is a drug procurement platform that provides hospitals and pharmacies access to genuine pharmaceutical and healthcare products.
It currently serves more than 3,000 doctors and pharmacists, and has now raised funding from CcHub’s Growth Capital, a social innovation fund that supports high potential, early-stage businesses building next generation infrastructure. Other investments include LifeBank, Riby, Edves and Delivery Science.
The funding will serve to solidify DrugStoc’s position as the pioneer safety-first healthcare brand in Nigeria.
“DrugStoc has continuously improved on its proprietary technology infrastructure aimed at strengthening its zero tolerance for fake drugs,” Growth Capital said.
“We admire the work of the DrugStoc team and their effort towards eliminating the distribution of fake drugs and reducing the multi-layer of middlemen, resulting in the reduction of drug prices. We strongly believe that they are taking the appropriate steps required to curb this menace in Africa.”