Pharmacy Marts, an Egypt-based startup that connects pharmacies and suppliers for medical supplies and cosmetics, has received a six-figure investment from early-stage venture capital firm Acasia Ventures.

The exact funding amount was not disclosed. Pharmacy Marts raised  $2 million in funding from investors since its launch.

“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,” CEO and Co-Founder of Pharmacy Marts Ahmed Kadous said.

Founded in 2021, Pharmacy Marts allows pharmacists to access medical products and connect them with suppliers. It also provides access to working capital and long-term financing, including “Buy Now, Pay Later” options. Pharmacy Marts claims it currently services about 12,000 of Egypt’s pharmacies, equivalent to 20% of the total market, and boasts over 200 suppliers on its platform. The startup says it aims to digitize the pharmaceutical sector’s supply chain to improve patient access to medication.

“In a short period, Pharmacy Marts has emerged as a category leader in this space and we are confident it will continue to go from strength to strength,” Managing Partner at Acasia Ventures Aly El Shalakany said.

Towobola Bamgbose Intern Reporter

Get the best African tech newsletters in your inbox