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Nigerian HealthTech Startup CribMD Acquires Charisland Pharmaceuticals

CribMD - Founder360

Mergers and Acquisitions

Nigerian HealthTech Startup CribMD Acquires Charisland Pharmaceuticals

Nigerian HealthTech startup CribMD has acquired a retail pharmaceutical giant – Charisland Pharmaceuticals Ltd (C.P.), to expand our pharmaceuticals market share and ensure drug delivery straight to patients home across Nigeria. 

Founded in July 2020 by Ifeanyi Ossai, Ngiri Michael, and Lorna Mae Johnson, CribMD links patients with doctors for house calls and telemedicine services via its on-demand platform, allowing them to schedule appointments from the comfort and safety of their home, on their own schedule.

CribMD has subscription packages for all classes of people, with its services costing between US$7 and US$50 monthly.

The acquisition comes 2 months after closing a seed round of over US$2.85milion – led by The Guardian, Norrsken and Sputnik ATX. It has an active subscriber base of more than 3,000.

“The traction and recognition we are constantly receiving make us do better and drive for excellence – all in a bid to make our subscribers happy. In the spirit of excellence and continuous growth, we have acquired C.P. as fast expansion and acquisitions is part of what we’re using our funding to do to drive actual value for subscribers.” Says Ifeanyi Ossai, co-founder and CEO.

Read: Nigeria’s GetEquity Secures Six-figure Pre-seed Round Led by GreenHouse Capital

Incorporated in 2009, C.P. has constantly offered value within the Nigerian Health space. The private company led by the Adedoyins (Adedoyin Oluranti Mrs, Adedoyin Babatunde Michael and Adedoyin Adebayo Henry) has since inception maintained a high level of service delivery in all their stores in the major cities of Nigeria.

“The acquisition could not have come at a better time as C.P. seeks to exit the Nigerian market – moving to Canada,” says Ifeanyi Ossai – CEO and Co-Founder, CribMD. “Our values overlap, and our overall vision for the healthcare space is similar,” Ossai adds.

Ifeanyi shares more insight – “Many acquisitions come with varying terms and conditions, ours with C.P. is 100%. The unemployment rate in Nigeria is steadily climbing, and CribMD isn’t about to contribute to that. 

“Therefore, we will be retaining the current staff of C.P. and hiring more as we grow. We have received high commendations about the current staff, so we are absolving all and will hire more in the coming weeks.”

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CEO and Founder at Founder360° Magazine.

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