2 million US dollars for Axmed with support from the Bill and Melinda Gates Foundation

Axmed's B2B marketplace optimizes the drug procurement process for underserved regions

Basel, Switzerland - May 8, 2024: Health inequalities in low- and middle-income countries (NMLs) have long been an issue of global concern. Although these countries account for over 80 % of the world's population and more than 90 % of the disease burden, they represent only 6 % of global pharmaceutical domestic sales. Equitable access to essential medicines remains a challenge. In this context, Axmed, a B2B marketplace platform, announces a USD 2 million seed funding round to address this inequality.

Investment to drive expansion and technology improvements

The fresh investment, led by Founderful and complemented by $5 million in previous funding from the Bill and Melinda Gates Foundation, is designed to accelerate Axmed's expansion in select markets in Africa and the Caribbean. The goal is to promote the affordability, availability and distribution of essential medicines in underserved regions.

We look forward to seeing how their platform transforms the access landscape and improves the ability of suppliers to reach more patients with life-saving therapies, especially in underserved settings

Thibaud Lefort, Head of Operations for Sanofi's Global Health Unit

Axmed's B2B marketplace optimizes the procurement process for healthcare providers in emerging and growth markets. The platform aggregates demand for off-patent and patented medicines, creating larger order volumes for manufacturers while increasing buyer leverage in terms of cost and availability. Through efficient supply requests and supply logistics, Axmed creates a win-win situation for buyers and manufacturers.

Founding team drives vision forward

Axmed's founding team, consisting of experienced healthcare, finance and public-private partnership professionals, is led by CEO Emmanuel Akpakwu. Akpakwu, former Chief Commercial Officer for Sub-Saharan Africa Operations at Novartis AG, leads the team dedicated to addressing health inequalities.

We are not just developing a medicines platform; we are creating a bold new vision for the future of medicines accessibility.

Emmanuel Akpakwu, CEO Axmed

Axmed's mission goes beyond technology and aims to forge key partnerships and ensure a steady flow of vital medicines. With a thriving pharmaceutical market of 140 billion US dollars in NMLs and the urgency caused by the COVID-19 pandemic, Axmed's model looks promising.

Future prospects

The investment in Axmed demonstrates investor confidence in the company's vision to improve access to vital medicines in underserved regions. With further development of the technology and the expansion of strategic partnerships, Axmed has exciting prospects for the future.