Pakistan’s MedznMore raised more than $11.5 million in the country’s largest funding round by a health-care startup, helping the company expand services and hire more tech talent.
Investors in the pre-Series A round included Integra Partners, Sturgeon Capital and Nunc Gestion, the company said Thursday in a statement.
The firm, which employs more than 800 people and operates in the cities of Karachi, Lahore and Islamabad, sells drugs to pharmacies and retail customers. It’s among a small but steadily rising number of young Pakistani companies attracting foreign investors -- the country had a breakout year in 2021 with startups raising more funds than over the previous six years combined.
“By the end of this year we expect to be in seven to eight new cities,” Chief Executive Officer Asad Khan said in an interview. “A lot of this capital will be spent on these cities to build warehouses, have omni-channel stores, staff and inventory.”
The Karachi-based startup raised $2.6 million in September 2020, the country’s largest seed round at the time, and will aim for a Series A round by the end of the year, Khan said.
Khan and Saad Khawar, who’ve both previously worked in the health care sector, and former investment banker Babar Lakhani founded MedznMore in 2020 with the aim of providing Pakistanis easy access to genuine drugs in a market notorious for spurious medicines.
Read Full Story: https://www.bloomberg.com/news/articles/2022-05-12/online-pharmacy-secures-pakistan-s-biggest-health-care-funding
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
