Lifestores Pharmacy acquires $1 million seed-stage funding round.

Lifestores Pharmacy that started operations in 2017 recently closed an over $1 million seed-stage funding round.

The round was led by Consonance Investment Managers. Other investors who participated include Flying Doctors Nigeria Group & the Greentree Syndicate, the StartUp Health Transformer Fund, Altadore Lionbear Capital, Unseen Ventures, K50 Ventures, Chinook Capital and Kepple Africa Ventures. 

A number of angel investors also invested in this round.

It is working directly with pharmaceutical companies to purchase its stock. This makes its drugs cheaper and high quality.

Between 2018 and 2019, its sales have grown by five times.

For the long term, the company is focused on the mass market. It wants to work with thousands of pharmacies to develop a network of stores in Nigeria.

For its franchising model, Lifestores provides third-party stores (which it calls affiliates) with the software to manage their processes and inventory.

By the end of March or the next quarter, Lifestores will roll out the pilot to include third-party stores. The full rollout would happen later in the year.

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