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.