Aluko & Oyebode (the “Firm”) is pleased to have advised Health54, the healthcare-focused corporate venture capital arm of CFAO Group, in connection with a US$3 million pre-Series A funding round in Lifestores Healthcare Holdings Limited (“Lifestores” or the “Company”), a Nigerian healthtech startup.
The round, which was significantly oversubscribed, was led by Health54, with the participation of other notable investors. Health54 was established with the objective of accelerating innovative capabilities in Africa and contributing towards solving social challenges in the healthcare industry on the continent. Its participation in the current funding round marks its first investment in Africa.
Lifestores’ pharmacy platform is focused on improving access to healthcare by supporting pharmacy owners with procuring quality medicine at affordable prices, offering tailored programs to patients and improving access to credit across the healthcare value chain. The Company offers these services through its proprietary pharmacy management software, PharmIQ. This funding round will significantly catalyse Lifestores’ corporate drive towards strategic hiring, pivotal expansion, and the deepening of its B2B and B2C offerings in relation to pharmacy and patient management solutions, AI-based predictive ordering, advanced credit offerings, care management, and pharmaceutical distribution, among other things.
The Firm’s transaction team was led by our Partner, Ajibola Asolo, who was supported by our Associates, Michael Nwanneka, Kareemat Ijaiya, and Oluwatobi Oluwasanya.