Egypt-based Pharmacy Marts has secured a six-figure bridge round from Acasia Ventures, according to a press release.
Pharmacy Marts is a business-to-business (B2B) digital marketplace that provides pharmacies and medical suppliers with access to medicine, medical supplies and cosmetics
Founded in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, the startup covers 20% of Egypt’s total market and boasts more than 200 suppliers on its platform.
With a total of $2 million in investments to date, Pharmacy Marts seeks to digitise the pharmaceutical sector’s supply chain to enhance patient access to medication.
It enables pharmacists to search online for the products missing in their inventory and facilitates the process until they receive their order within 24 hours.
The platform also provides access to working capital and long-term financing, including the buy now, pay later (BNPL) option, to address the pain point of pharmacists being unable to secure suitable financing terms from wholesalers.
Ahmed Kadous, CEO and Co-Founder of Pharmacy Marts, commented: “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.”
“This ultimately impacts the patients who need the medication and makes the life of a pharmacist rather difficult,” Kadous added.
He noted: “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.”