Nigeria’s Medsaf quietly shuts down after raising over $7 million to digitise drug supply
- Medsaf shut down operations in March 2024 after failing to recover outstanding debts.
- The startup raised over $7 million since its launch in 2016 but ran out of funds by January 2023.
- CEO Vivian Nwakah cited unpaid invoices and loss of a key government contract as financial triggers for the closure.
Medsaf's closure highlights the challenges faced by startups in emerging markets, particularly in sectors like healthcare that are susceptible to economic fluctuations and operational inefficiencies. The lessons learned from Medsaf's journey could serve as a critical case study for future entrepreneurs in similar environments, emphasizing the importance of financial management and team dynamics.
