Vezeeta raises undisclosed round + i’Supply raises USD 1.5 mn pre-seed
Pharma startups big and small got a shot in the arm yesterday, as Egypt-born Vezeeta and local newcomer i’Supply both scored fresh funding rounds.
Vezeeta closes undisclosed round: Digital healthcare platform Vezeeta has raised an undisclosed amount from existing investors Abu Dhabi-based Gulf Capital and Swedish VNV Global, it said in a statement (pdf). This marks the company’s first funding round after it turned profitable this year, the statement read.
“Imminent M&A in MEA:” The money will help Vezeeta fund product expansion and start working towards potential acquisitions in the Middle East and Africa region, it said. The startup is in discussions over acquisitions here and in Saudi Arabia, an unnamed company official reportedly told The National.
About Vezeeta: Founded in 2012 by Amir Barsoum (LinkedIn) and Ahmed Badr (LinkedIn), Vezeeta connects patients with doctors, labs, and pharmacies, allowing them to book in-person or telehealth consultations and order lab tests and meds to their home. The Cairo-born company moved its HQ to Dubai a couple years back and now operates in Egypt, the KSA, Jordan, Lebanon, Kenya, and Nigeria. Gulf Capital led the company’s USD 40 mn series D round in February 2020, while VNV Global participated in its USD 12 mn series C round in 2018. Enterprise sat down with Barsoum and Chief Product Officer Mohamed El Mougi last year.
Where the money is going: The funding will help i’Supply expand across Egypt and onboard 60k pharmacies to its digital marketplace within the next year. The company has onboarded some 5k pharmacies in Greater Cairo, which accounts for nearly half of the market, and is looking to tap the rest of the country, CEO Ibrahim Emam told us. It has plans to expand to the Delta region by the end of 1Q 2023, and Upper Egypt and Alexandria in 2Q 2023. The startup hopes to hit the black within two years and is exploring potential expansion to other countries in the Middle East and Africa, Emam says.
About i’Supply: Founded in late 2021, the company’s tech-enabled sales, distribution, and procurement marketplace connects small to midsize pharmacies with wholesalers and pharma companies .