Cairo- Sharikat Mubasher: Egypt-based digital marketplace Pharmacy Marts closed a six-figure bridge round, led by Acasia Ventures, according to a recent statement.
Founded in 2021, Pharmacy Marts allows pharmacists to search online for the products missing in their inventory, see which suppliers have them, obtain an estimate on which supplier could meet their financial and time-specific needs best, order the missing items, choose the preferred payment method, and receive their order within 24 hours.
It covers almost 12,000 Egyptian pharmacies, representing 20% of the total market, and encompasses more than 200 suppliers on its platform.
Commenting on the round, Ahmed Kadous, CEO and Co-founder of Pharmacy Marts, said: “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 their solid network of advisors and experts in the pharmaceutical industry.”
It is worth noting that Pharmacy Marts has secured total investments of $2 million to date from local, regional, and global venture capital firms.
Acasia Ventures works closely with founders by providing venture capital and unique insights and opportunities to expand into new markets and access global investors and connections.
