Acumen Fund Invests in Social Enterprise to Stop Counterfeit Drugs
The Acumen Fund has invested in a social enterprise called Sproxil, Inc, which uses mobile technology to combat counterfeit medication. The investment will help Sproxil to build sales teams, expand into India and Kenya, and continue to upgrade its technology. The company provides a mobile product authentication solution which enables consumers to verify that the pharmaceutical product they are buying is genuine. The Acumen fund is investing $1.8 million in the innovative business that has the potential to improve millions of lives by combating the multi-billion dollar counterfeit drug market. Directly empowering consumers and giving them the resources they need to make informed pharmaceutical decisions also provides key insights into the dynamics and possibilities of mobile technology as a critical tool for improving lives in the developing world. Sproxil was founded by Dr. Ashifi Gogo, a Ph.D. Innovation Fellow at Dartmouth College who grew up in Ghana.