Swiss healthtech marketplace Axmed today announced a $2 million Seed funding round
Low- and middle-income countries account for over 80 per cent of the world's population and more than 90 per cent of its disease burden—yet represent a mere 6 per cent of global pharmaceutical revenue.
Axmed has developed a two-sided B2B marketplace platform that optimises the procurement process for healthcare providers in emerging and growth markets, catering to public, third-sector, and private entities.
The platform aggregates demand for both off-patent and patented medicines, creating larger, more cost-effective order volumes for manufacturers while simultaneously enhancing buyer leverage on cost and availability. It further streamlines the process by curating and consolidating Requests for Proposals and efficiently mapping out supply logistics.
This approach lowers the barriers to accessing costly medicines for patients and providers, while enabling manufacturers to expand their footprint in underserved markets.
Emmanuel Akpakwu, CEO of Axmed commented:
"We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility. This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively.”
The fresh investment was led by Founderful and complements an earlier $5 million in grant funding from the Bill and Melinda Gates Foundation, bringing total funds raised to $7 million.
"We're delighted to back this outstanding team," added Lukas Weder, Founding Partner at Founderful.
"The team's commitment and enthusiasm for addressing this important challenge is inspiring. We have every confidence in their ability to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals. "
According to Roselyne Opel, Head of the Organisation of Eastern Caribbean States Pooled Procurement Initiative (OECS PPI):
"Industry leaders and healthcare providers are aligned in their support for Axmed's model, recognising its potential to enhance medicine accessibility in Low and Middle-Income Countries significantly.
Axmed's approach could fundamentally change how patients obtain treatments.
We look forward to seeing their platform reshape access, empowering buyers and strengthening the supply of lifesaving therapies to a broader patient base."
James Nyamongo, CEO of the Nairobi Hospital, Kenya added:
“Axmed’s approach not only empowers us to gain access to life-saving medicines affordably, it also fosters real competition that raises the quality bar, bringing the highest quality local and global manufacturers to our doorstep.”
This funding will bolster Axmed's expansion, enhance its engineering and commercial teams, and advance its technology infrastructure to initiate operations in strategically selected markets in Africa and the Caribbean.
Lead image: Axmed founders: Sofia Radley-Searle, Emmanuel Akpakwu and Felix Ohnmacht. Photo: uncredited.
Would you like to write the first comment?
Login to post comments