Founders Factory Africa (FFA), along with its corporate investors in South Africa, namely Netcare Group and Standard Bank Group, has announced that Healthtech startup, RxAll, has been selected to participate in its 6-month Venture Scale program. RxAll is a Healthtech startup that 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 has developed what they call a RxScanner, 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.
“Counterfeit medication is a global health crisis. Its effects can be seen across the global healthcare ecosystem with over 1 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," said Roo Rogers, CEO of Founders Factory Africa.
Supporting and investing in African technology startups
FFA has a growing portfolio of FinTech and HealthTech startups from across Africa. These include LocumBase (South Africa), Akili Labs (South Africa), EDAI (South Africa), WellaHealth (Nigeria), and RedBird (Ghana).
Applications to the Venture Scale program are open-ended via the FFA website. FFA is currently specifically sourcing HealthTech startups to join the program in 2020 and start of 2021.
The FFA model includes its Venture Scale program focused on developing existing startups, whilst the Venture Build program harnesses the power of technology to build completely new businesses solving mass needs on the African continent.
“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.
FFA’s Venture Scale program provides $300,000 investment in cash and tailored support services. Selected startups also have access to exclusive partnerships with FFA’s corporate investors, Netcare and Standard Bank, as well as other partners in FFA’s network.
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