Nigerian e-health startup RxAll has become the latest company selected to participate in Founders Factory Africa’s Venture Scale programme, which provides access to funding and additional support services.
Founders Factory, which originally launched in London in 2015 and has already built 70 startups, launched 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.
The company brought its model to Africa in partnership with Standard Bank, which made a multi-million dollar investment into Founders Factory Africa, and the pair made their first investments April of last year. It has since 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.
Founders Factory Africa took 10 startups into its Venture Scale programme earlier this year with batches in February and March, and has now selected RxAll to take part. 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.
RxAll is dedicated to providing high quality medication to patients that need them. 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.
It will now take part in the six-month Venture Scale programme, through which it will gain access to GBP80,000 (US$100,000) in cash, as well as tailored support services across product design, data science, engineering and business development.
Roo Rogers, chief executive officer (CEO) of Founders Factory Africa, said counterfeit medication was a global health crisis.
“Its effects can be seen across the global healthcare ecosystem with over one million people dying globally per year. RxAll offers a unique, simple, and precise solution 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,” he said.
“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.