Revolutionizing Egypt’s Pharmaceutical Sector: Acasia Ventures Backs Pharmacy Marts

In a bid to revolutionize Egypt’s pharmaceutical sector and enhance patient access to medication, Cairo-based digital marketplace Pharmacy Marts has secured a significant boost from early-stage venture capital firm Acasia Ventures. The six-figure bridge round investment underscores the growing recognition of Pharmacy Marts’ innovative approach to streamlining the pharmaceutical supply chain.

Pharmacy Marts aims to address the inefficiencies plaguing the pharmaceutical sector by digitizing the supply chain. Presently, pharmacists spend a considerable portion of their time manually monitoring stock and verifying product availability and prices. This manual process often leads to delays in delivering crucial medication, exacerbated by the sector’s fragmentation. With Egypt hosting a staggering 60,000 pharmacies offering over 7,000 products from 3,000 suppliers, the need for a streamlined solution is evident.

Founded in January 2021, Pharmacy Marts offers a comprehensive digital platform that empowers pharmacists to streamline their operations efficiently. Pharmacists can now easily search for missing products, identify available suppliers, assess financial and time-specific needs, place orders, choose preferred payment methods, and receive deliveries within 24 hours. Moreover, the platform addresses the challenge of securing favorable financing terms by providing access to working capital and long-term financing options, including “Buy Now, Pay Later” arrangements.

Currently, Pharmacy Marts serves approximately 12,000 pharmacies in Egypt, representing 20% of the total market, with over 200 suppliers on its platform. CEO and co-founder Ahmed Kadous highlights the platform’s mission to tackle medication distribution challenges, emphasizing the impact on both pharmacists and patients. With Acasia Ventures joining as an investor, Kadous expresses optimism, citing the firm’s extensive presence in African markets and robust network of pharmaceutical industry experts.

The leadership team behind Pharmacy Marts brings a wealth of experience to the table. Co-founders Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha possess diverse backgrounds in strategy, business development, marketing, sales, and operations, honed through their tenure at leading organizations such as Vodafone and Novartis. Acasia Ventures’ Managing Partner Aly El Shalakany lauds Pharmacy Marts’ team for delivering a compelling digital solution to address a critical industry pain point, positioning the company as a category leader in a short span.

With a total of $2 million in investments garnered from local, regional, and global venture capitalists to date, Pharmacy Marts is poised for further growth and expansion. The company’s commitment to innovation and its vision of transforming Egypt’s pharmaceutical landscape underscore its potential to drive positive change in the healthcare sector.