Shelf Life secures funding to help pharmacies improve inventories and access
Press Release – Field Intelligence this week announced the successful closing of its Series A funding round led by Blue Haven Initiative, with investors including Newtown Partners via the Imperial Venture Fund and Accion Venture Lab. The US$3.6 million equity raise will fund the scale up of Shelf Life, the technology-enabled supply chain finance platform for pharmacies in Africa.
The annual pharmaceuticals market in Africa is valued at over $60 billion. For 80% of people in Africa their community pharmacy is the frontline of the health system and yet they routinely stock out of essential medicines, incur significant losses to expiry and struggle with substandard and falsified drugs. These inefficiencies cost the health system millions of dollars each year and limit access to quality care.
Field Intelligence has been a pioneer in pharmaceutical supply chain solutions in Africa. Its Shelf Life “Pay-As-You-Sell” subscription service for pharmaceutical products has grown rapidly since first debuting in Nigeria in mid 2017. The new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients.
Michael Moreland, Co-Founder and CEO, Field Intelligence, says, “We’re delighted to welcome new investors into the business. They share our vision for catalysing change in a huge and vitally-important sector. They bring deep fintech and logistics experience, which will be vital in helping us build a new generation of healthcare supply chains in Africa and beyond.”
Shelf Life’s pharmacy clients can subscribe to over a thousand quality-assured and price-stabilised drugs from 50 medical, health and wellness categories. Using Field Intelligence’s technology platform, Shelf Life forecasts, procures, delivers, manages, and finances each product the pharmacy has subscribed to.
Over 280 community pharmacies in Nigeria and Kenya have now subscribed to Shelf Life, making it one of the largest networks of pharmacies on the continent. It is making the business of community pharmacy less risky and lower-cost, while improving access to an expanded selection of higher-quality medicines.