Pharmacy Marts, an Egyptian retail startup for pharmaceutical products, has attained $2 million in total funding raised since its establishment after Acasia Ventures invested an undisclosed sum of money.
- The startup was founded in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha to connect suppliers and retailers in the pharmaceutical industry.
- Acasia Ventures is an early-stage VC company that has raised funds for upcoming retail and SaaS startups, recently pumping $1.5 million in tappi’s pre-seed round.
- Pharmacy Marts has incorporated 200 pharmaceutical suppliers and more than 12,000 pharmacies within its digital platform, accounting for 20% of the market.
“The distribution of medication in Egypt is not reliable or smooth, but rather plagued with the inconsistent availability of products across pharmacies or geographical areas leading to a shortage in medication,” said the co-founder of Pharmacy Marts Ahmed Kadous.
With a population of over 100 million people, Pharmacy Mart acts as a link in the medical drugs supply chain. Pharmacists who have subscribed to the retail service can search for drugs they have not stocked, order them from preferred manufacturers, and pay using a variety of options. This digitization ensures local pharmacies facilitate access to much-needed medication.
The Retail Pharmacy Market Report 2023 states that due to a rising prevalence of lifestyle diseases and technological advancements, the pharmaceutical industry will grow by 7.1 % between this year and 2032. Acasia Ventures reports that Egypt has the largest pharmaceutical industry in the continent which is slated to grow by 12% over the next five years. The investment will enable the startup to begin its expansion into other African markets.
“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,” said Ahmed Kadous.
“Pharmacy Marts’s solid team has a fantastic track record and is successfully delivering a compelling digital solution to alleviate a big pain point for thousands of pharmacies and indirectly, millions of patients,” said Acasia Ventures managing partner Aly El Shalakany.
See Also:
