MEDZnMORE has raised $11.5 million in pre-Series A funding round, making it the biggest such deal for any health-tech startup in Pakistan, it emerged on Thursday.
The deal is backed by Integra Partners, Nunc Gestion, Sturgeon Capital and Alta Semper. Other investors include AlTouq Group, ACE & Company, Key Family Partners, Reflect Ventures, Atlas Asset Management and a few angel investors.
The startup was founded in late 2020 by Asad Khan, Saad Khawar and Babar Lakhani, and raised $2.6m in September that year.
Currently, they are catering to both business-to-business (B2B) and business-to-consumer (B2C) channels through TezMedz and Tabiyat.pk, respectively.
According to a press statement released by the company, over 40 per cent of all dispensed medicines in Pakistan are either spurious or have lost efficacy. MEDZnMORE is trying to solve this problem by improving the availability and ease-of-access to authentic medicines.
The company partners with pharmaceuticals and their authorised distributors across Karachi, Lahore and Islamabad — where it runs its warehouses — to deliver genuine products to both patients and retail pharmacies, it said.
The startup claims to be growing around 42pc month-on-month since the past 12 months and now delivers over 100,000 products every day from its seven cold-chain enabled warehouses located across Karachi, Lahore and Islamabad.
Sturgeon Capital Chief Investment Officer Kiyan Zandiyeh noted that the MEDZnMORE team had demonstrated in a...
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