Pharmacy Marts in Egypt Secures Bridge Round Investment from Acasia Ventures
Egypt-based healthtech startup Pharmacy Marts has recently secured a significant six-figure bridge round, with the primary investment coming from Acasia Ventures. The company, established in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, operates a B2B digital marketplace facilitating connections between pharmacies and medical suppliers, streamlining the procurement of medicine, medical supplies, and cosmetics.
Pharmacy Marts claims to have penetrated 20 percent of Egypt’s total market, boasting over 200 suppliers on its platform. With this recent funding round, the company’s total investment has reached $2 million.
The company’s mission is to digitalize the pharmaceutical sector’s supply chain, aiming to enhance patient access to medication. Currently, pharmacists spend an average of 30 percent of their time manually monitoring stock and verifying product availability and prices. This inefficiency is exacerbated by the sector’s fragmentation, with Egypt hosting 60,000 pharmacies offering over 7,000 products from 3,000 suppliers. Pharmacy Marts aims to address these challenges by providing an online platform that allows pharmacists to search for products, identify suppliers, estimate financial and time-specific needs, place orders, choose payment methods, and receive deliveries within 24 hours. Furthermore, the platform addresses the issue of pharmacists struggling to secure favorable financing terms by offering access to working capital and long-term financing options, including “Buy Now, Pay Later” arrangements.
As of now, Pharmacy Marts serves approximately 12,000 of Egypt’s pharmacies, covering 20 percent of the market. CEO and co-founder Ahmed Kadous emphasizes the importance of improving medication distribution in Egypt, citing its unreliable nature and the challenges it poses to both pharmacists and patients. The company looks forward to leveraging Acasia Ventures’ expertise and network as it expands into African markets.
The founding team includes Ahmed Mazhar as Chief Strategy Officer, who previously held a senior position at Vodafone Cash; Haitham El Ghotni as Chief Business Officer, with experience in marketing and sales roles at various companies including Vodafone Cash and MNT-Halan; and Mahmoud Shousha as Head of Sales, bringing sales expertise from his previous role at Novartis.
Managing Partner at Acasia Ventures, Aly El Shalakany, commends Pharmacy Marts’ team and their success in addressing a significant pain point in the pharmaceutical industry. He expresses confidence in the company’s continued growth and leadership in the market.
In addition to Acasia Ventures, Pharmacy Marts has received investments from various local, regional, and global venture capital firms.
