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Axmed, a Switzerland-based B2B marketplace platform, on Wednesday announced a $2 million seed funding round to accelerate the affordability, availability, and distribution of essential and innovative medicines to low-and middle-income countries (LMICs).

The investment led by Founderful complements an earlier $5 million in grant funding from the Bill and Melinda Gates Foundation, bringing total funds raised to $7 million, the company said.

"We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility," said Emmanuel Akpakwu, CEO, of Axmed.

"This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively," he added.

LMICs, which account for over 80 per cent of the world's population and more than 90 per cent of its disease burden, represent a mere 6 per cent of global pharmaceutical revenue.

Equitable access to high-quality affordable medicines remains a daunting task, and addressing this challenge has never been more critical.

Meanwhile, the company said its seed round will drive significant advancements in building out the engineering and business development teams, whilst preparing the platform for launch.

Besides plans of expansion in strategically selected markets within Africa and the Caribbean, Axmed also aims to "enhance its marketplace technology and forge alliances with key healthcare stakeholders to ensure a reliable supply of critical medicines," the company said.