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    HomeEcosystem NewsLatest FundingEgypt’s Pharmacy Marts Secures Bridge Round Funding from Acasia Ventures

    Egypt’s Pharmacy Marts Secures Bridge Round Funding from Acasia Ventures

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    Egyptian healthtech startup Pharmacy Marts has recently announced securing a significant bridge round of funding led by Acasia Ventures, marking a milestone in the digital transformation of the pharmaceutical sector in the country.

    Founded in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts operates as a B2B digital marketplace aimed at revolutionizing the way pharmacies and medical suppliers interact, making the process of accessing medicine, medical supplies, and cosmetics more efficient and streamlined.

    The six-figure investment from Acasia Ventures underscores the growing confidence in Pharmacy Marts’ innovative approach to digitizing the pharmaceutical supply chain. With this latest funding round, Pharmacy Marts aims to further expand its reach and impact within the Egyptian market.

    According to a press release issued by Acasia Ventures, Pharmacy Marts seeks to address the inefficiencies and challenges inherent in the current pharmaceutical supply chain. In Egypt, pharmacists often spend a significant portion of their time manually monitoring stock levels and verifying product availability and prices. This manual process not only leads to delays in delivering medication but also exacerbates the fragmentation within the sector, which comprises over 60,000 pharmacies and 3,000 suppliers.

    Pharmacy Marts’ digital platform offers a comprehensive solution to these challenges. Founded on the principle of improving patient access to medication, the platform enables pharmacists to search for products, identify suppliers, obtain pricing estimates, place orders, choose preferred payment methods, and receive deliveries within 24 hours. Additionally, the platform addresses the issue of financing by providing pharmacists with access to working capital and long-term financing options, including “Buy Now, Pay Later” arrangements.

    With over 200 suppliers already onboarded, Pharmacy Marts has made significant strides in digitizing Egypt’s pharmaceutical ecosystem. The platform currently serves approximately 12,000 pharmacies, representing 20% of the total market share.

    Commenting on the investment, Ahmed Kadous, CEO, and co-founder of Pharmacy Marts, emphasized the critical role of technology in addressing the challenges faced by the pharmaceutical industry in Egypt. Kadous expressed enthusiasm about the partnership with Acasia Ventures, citing their expertise in African markets and their extensive network within the pharmaceutical industry.

    The founding team of Pharmacy Marts, comprising Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, brings a wealth of experience from various sectors, including telecommunications, marketing, sales, and pharmaceuticals. Their collective expertise has been instrumental in driving Pharmacy Marts’ rapid growth and market penetration.

    Aly El Shalakany, Managing Partner at Acasia Ventures, praised Pharmacy Marts’ team and their commitment to delivering innovative solutions to the pharmaceutical sector. El Shalakany expressed confidence in Pharmacy Marts’ continued success and its potential to become a leader in the digital health space.

    With a total investment of $2 million secured to date from local, regional, and global venture capital firms, Pharmacy Marts is well-positioned to further expand its operations and cement its position as a transformative force in Egypt’s healthcare landscape. As the company continues to scale its operations and impact, stakeholders in the pharmaceutical industry can expect to witness further advancements in digitization and efficiency, ultimately benefiting both pharmacists and patients alike.

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