Cairo-based digital marketplace Pharmacy Marts has successfully secured a six-figure bridge round of funding from the venture capital firm Acasia Ventures, aimed at enhancing its growth and facilitating its plans for expansion. Established in January 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts seeks to revolutionize the pharmaceutical sector’s supply chain to ensure better access to medication for patients.
The innovative platform developed by Pharmacy Marts empowers pharmacists to efficiently locate and order products that are missing from their inventory from a variety of suppliers, based on financial and timing requirements. This solution not only streamlines the order and delivery process, with a promise of a 24-hour turnaround but also addresses the critical issue of financing for pharmacists by offering options like “Buy Now, Pay Later.”
This latest funding from Acasia Ventures has brought Pharmacy Marts’ total raised funds to $2 million, contributed by a mix of local, regional, and global venture capitalists. Currently, the platform serves approximately 12,000 of Egypt’s pharmacies, which represents about 20% of the market, and features over 200 suppliers. With plans for further growth and aiming for international expansion, Pharmacy Marts is set to tackle the challenges of medication distribution in Egypt and beyond.
CEO and co-founder Ahmed Kadous highlighted the problems with medication distribution in Egypt, noting the inconsistency in product availability across pharmacies and regions, which often leads to medication shortages. The collaboration with Acasia Ventures, which has a strong presence in the African markets Pharmacy Marts aims to enter, is seen as a strategic move to overcome these challenges.
Acasia Ventures’ managing partner, Aly El Shalakany, praised Pharmacy Marts for its rapid emergence as a category leader, expressing confidence in the startup’s future success. El Shalakany commended the Pharmacy Marts team for their proven track record and their effective digital solution that addresses a significant pain point for pharmacies and patients alike.
