Field Intelligence, a Nigerian pharmacy supply chain startup, says it has secured $3.6 million from a group of investors to scale its operations in the country. According to the startup, the funds will be used to push the adoption of Shelf Life, its supply chain finance platform, by pharmacies in the country.
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Investors contributing to the Series-A funding round include Blue Haven Initiative, an impact investment organization based in the US; Newton Partners, a South African venture capital firm; and Accion Venture Lab, a seed-stage investment initiative.
Founded in 2017, Field Intelligence is working to modernize Nigeria’s pharmacy supply chain. The startup aims to achieve this by leveraging technologies like its Shelf Life supply service tool, and Field Supply, its supply chain management software.
Since its launch, it has helped pharmacies and healthcare facilities manage over 2,000 medical products, spanning thousands of locations across Nigeria and Kenya. Shelf Life allows pharmacies to access hundreds of quality drugs from several categories, and settle bills for their inventory on a pay-as-you-sell basis.
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The startup now says it will be rolling out Shelf Life more extensively across both Nigeria and Kenya, as it works to secure a foothold in a nascent supply chain tech space.
Investors may have found Field Intelligence an attractive startup to fund due to the size and growth of the Nigerian (and African) pharmaceutical sector. A report by McKinsey suggests the country could contribute up to $2.2 billion to Africa’s pharmaceutical industry by 2026.
Large gaps exist in Nigeria’s healthcare products supply chain. Quality control is a major issue, as is the mostly unorganized distribution networks. A few startups are latching on to these gaps and are attempting to solve existing problems in the space with innovative technologies. If they are able to establish a string presence, they could create value worth billions of dollars.
It’s this potential that drives the slight but growing investor interest in health tech and tech-driven pharma.
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