Egypt’s Pharmacy Marts secures bridge round from Acasia Ventures
TLDR
- Acasia Ventures invests six figures in Cairo-based digital marketplace Pharmacy Marts, covering 20% of Egypt's market with 200+ suppliers.
- Founded in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts bridges pharmacies and medical suppliers online.
- Pharmacy Marts secures a total of $2 million in investments, aiming to enhance patient access to medication through digitalization of the pharmaceutical supply chain.
Acasia Ventures, an early-stage venture capital firm, has injected a six-figure bridge round investment into Cairo-based digital marketplace Pharmacy Marts. The startup asserts coverage of 20% of Egypt's total market and proudly boasts over 200 suppliers on its platform.
Established in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts serves as a B2B digital marketplace facilitating the connection between pharmacies and medical suppliers for the seamless procurement of medicine, medical supplies, and cosmetics.
With this recent investment, Pharmacy Marts has raised a total of $2 million in investments to date. The ultimate goal is to digitize the pharmaceutical sector’s supply chain to improve patient access to medication.
Key Takeaways
The market opportunity to serve community pharmacies across Africa is significant; the Middle East and Africa’s pharma market is said to be worth around $100 billion. Like Pharmacy Marts, there is an increasing number of health tech startups that are streamlining the pharmaceutical sector across the continent, serving businesses and individual customers in an industry that has for decades remained fragmented, leading to frequent stock unavailability, quality concerns, and unstable pricing. These include Grinta, Vezeeta, mPharma, Lifestores, and Drugstoc.
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