Digital marketplace Pharmacy Marts secured six-figure Bridge funding from Acasia Ventures
Summary
The digital marketplace Pharmacy Marts, situated in Cairo, has received a bridge round investment of six figures from Acasia Ventures, an early-stage venture capital firm.Pharmacy Marts wants to increase patient access to medication by digitizing the supply chain in the pharmaceutical industry. These days, manually checking stock levels, pricing and availability of products takes up an average of thirty percent of a pharmacists time. Because of this and the fragmentation of the industrythere are currently 60,000 pharmacies in Egypt that sell over 7,000 products from 3,000 suppliersmedication delivery is delayed. The more significant warning is that Pharmacy Marts plays a crucial role in this process because the communication amongst all of these parties is still largely manual and dependent on phone calls.Established in January 2021, the platform enables pharmacists to conduct online searches for products that are missing from their inventory, identify suppliers that carry those products, get an estimate of which supplier best suits their needs in terms of both cost and turnaround time, order those missing items, select their preferred method of payment, and receive their orders in a day or two. 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 its solid network of advisors and experts in the pharmaceutical industry.Pharmacy Marts has received investments totalling $2 million from local, regional, and international venture capitalists thus far.