Nigerian healthtech startup, Lifestores Healthcare has raised $3 million in an oversubscribed pre-Series A round led by Health54 and Aruwa Capital Management.
- Lifestores will use the funding to expand in Nigeria, enhance its software, and target new client demographics. It will also increase its workforce by hiring more senior management, sales, and engineering talents.
- The healthtech platform said it’s experiencing a 25% monthly marketplace growth and counts more than 10% of Nigeria’s pharmacies as registered customers; it plans to expand its market share to 25%, which will increase the number of patients reached by 4x from 100,000 to 400,000 by 2023.
- Notably, this funding round signifies Health54’s first investment in Africa. The recently launched firm is the healthcare-dedicated corporate venture capital (CVC) vehicle of CFAO Group (part of Toyota Tsusho), which has the largest healthcare distribution channel in sub-Saharan Africa.
- Lifestores Healthcare currently provides its services through a network of more than 750 outlets. This investment will see Lifestores leverage Health54’s increasing network of health services providers and CFAO Healthcare’s existing wholesale distribution capabilities in Nigeria and across Africa should it plan regional expansion down the line.