Canadian Investors Relocate, Sells Pharmaceutical Company to Young Nigerian Entrepreneur, Ifeanyi Ossai

• Charisland Pharmaceuticals assets has been sold to CribMD, its market rival, as the latte intensifies its dominance in Nigerian e-health space
• The owner of Charisland Pharmaceuticals sold the company because they wanted to stop offering Pharma services and relocate to Canada
• The acquisition of Charisland Pharmaceuticals will expand the reach of CribMD in the Nigerian market and increase their customer base

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The owners of Charisland Pharmaceuticals are leaving Nigeria to relocate back to their base in Canada. The company sold its asset to rival, CribMD.

Earlier this year, CribMD had organised a fundraising which enabled the e-health startup to obtain $2.6 million from some investors in seed round.

Part of the capital was used to acquire the retail pharmaceutical company as it plans to use Charisland Pharmaceuticals to expand its services across Nigeria.

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CribMD to tighten market grip with Charisland

According to Ifeanyi Ossai, the chief executive officer and co-founder of CribMD, both pharmaceutical companies have similar business interests.

Ossai said CribMD, which was established in last year, and Charisland Pharmaceuticals, which was incorporated in Nigeria 12-years ago, share the same vision and values.

CribMD will use the acquired company to supplement its active 3,000 plus subscribers as it role out more services which includes telemedicine and doctor house visits.

In Ossai's word, he said:

"CribMD’s product offerings are shaping out well. We already have telemedicine and doctor house visits running smoothly. Our recent acquisition will further solidify the online pharmacy offering. We hope to add more in the coming months."

Another Nigerian founder secures $25 million

The co-founder of Kuda Bank, Babs Ogundele, raised $25 million from a New York-based private equity firm, Valar Ventures.

It raised the funds months after it secured $10 million during a seed round. The latest fundraising by the digital bank was obtained in a Series A funding round.

Kuda Bank provides business-to-business service, as well as business-to-customers, processing processed transactions for over 600,000 customers in Nigeria.

Source: Legit.ng