Axmed, an innovative two-sided B2B marketplace platform, is making strides in addressing global health disparities by securing a $2 million seed funding round. This investment aims to expedite the accessibility, availability, and distribution of essential and innovative medicines in underserved regions.
The recent investment, spearheaded by Founderful Ventures, supplements a previous $5 million grant from the Bill and Melinda Gates Foundation, bringing total funds raised to $7 million. These funds will support Axmed’s expansion, bolstering its engineering and commercial teams, and enhancing its technology infrastructure to kickstart operations in selected markets within Africa and the Caribbean.
Axmed’s B2B marketplace streamlines the procurement process for healthcare providers in emerging markets, serving public, third-sector, and private entities. By aggregating demand for both off-patent and patented medicines, the platform creates larger, cost-effective order volumes for manufacturers while improving buyer leverage on cost and availability.
Additionally, the platform simplifies the process by organizing Requests for Proposals and efficiently mapping out supply logistics, benefiting patients, providers, and manufacturers in underserved markets. The experienced founding team at Axmed, with a combined 30 years of expertise in healthcare, finance, and public-private partnerships, is led by CEO Emmanuel Akpakwu. Akpakwu, formerly Chief Commercial Officer for Novartis AG’s Sub-Saharan Africa operations, is joined by Felix Ohnmacht and Sofia Radley-Searle, who held key positions at Novartis and GSK. Together, their vision is to address healthcare inequities directly. Emmanuel Akpakwu, CEO of Axmed, stated,
“We are not just developing a medicines platform, but creating a new vision for medicine accessibility to empower buyers and unlock growth markets for suppliers effectively.” This seed round propels Axmed into its next strategic expansion phase, driving progress in building engineering and business development teams while preparing for the platform launch. Through targeted fund deployment, Axmed will enhance its marketplace technology and establish partnerships with key healthcare stakeholders to ensure a consistent supply of critical medicines. Lukas Weder, Founding Partner at Founderful, expressed enthusiasm, stating,
“We’re excited to support this exceptional team in reshaping the LMIC pharma market and improving access to medicines for over 6 billion individuals.” Axmed’s mission extends beyond technology, focusing on forming crucial partnerships and ensuring a reliable flow of essential medicines to those in need. With LMICs representing a growing $140 billion sector in the pharmaceutical market, the need for accessible and affordable healthcare solutions, especially post-COVID-19, is more critical than ever.
Industry leaders and healthcare providers are rallying behind Axmed’s model, recognizing its potential to enhance medicine accessibility in Low and Middle-Income Countries. Roselyne Opel, Head of the Organisation of Eastern Caribbean States Pooled Procurement Initiative, remarked, “Axmed’s approach could fundamentally change how patients access treatments.” James Nyamongo, CEO of the Nairobi Hospital, Kenya, praised Axmed’s approach for facilitating affordable access to life-saving medicines and fostering healthy competition among manufacturers.
As the UN Sustainable Development Goals deadline approaches, Emmanuel Akpakwu reiterates Axmed’s commitment to making a positive impact on global health, aiming to build on existing progress. Thibaud Lefort, Head of Operations for Sanofi’s Global Health Unit, highlighted Axmed’s potential to bring positive change to global health, especially in underserved areas.
