Tech

Egyptian Pharmacy Marts announces raising six-figure investment to aid expansion

Published

9 months ago

March 24, 2024

Egyptian digital healthcare marketplace, Pharmacy Marts, has announced raising a six-figure US dollar bridge round from early-stage venture capital firm, Acasia Ventures, to enable it boost growth and expansion plans.

The Cairo-based startup, in a statement, said with the new funding, it has successfully raised a total of $2 million from local, regional and global venture capitals which has enabled it cover over 12,000 of Egypt’s pharmacies.

“That is an equivalent of 20 per cent of the total market, with over 200 suppliers on the platform. We are now planning further growth and international expansion,” the CEO and co-founder of the startup, Ahmed Kadous, said.

“The distribution of medication in Egypt is not reliable or smooth, but rather plagued with the inconsistent availability of products across pharmacies and geographical areas, leading to a shortage in medication,” Kadous said.

“This ultimately impacts the patients who need the medication and makes the life of a pharmacist rather difficult.

“We are excited about having Acasia Ventures on board, given its great presence in African markets that we are planning to enter, as well as their solid network of advisors and experts in the pharmaceutical industry.”

Pharmacy Marts which was founded in 2021 by Kadous,
Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, “allows Egyptian pharmacists to search online for the products missing in their inventory, see which suppliers have them, obtain an estimate on which supplier could meet their financial and time-specific needs best, order the missing items, choose the preferred payment method, and receive their order within 24 hours,” Kadous said.

“Additionally, it tackles the pain point of pharmacists being unable to secure suitable financing terms from wholesalers, by providing access to working capital and long-term financing, including ‘Buy Now, Pay Later’ options,” he stated.

Related Topics:Egypt Featured Funding Healthcare Pharmacy Marts

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

1 day ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

2 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation