Egypt’s Pharmaceutical Startup i’SUPPLY Secures Pre-Series A Funding Round to Support Expansion
What’s this about?
- Egyptian pharmaceutical distribution startup i’SUPPLY has raised a pre-Series A funding round, bringing its total funding to $2.5 million since its inception in 2022.
- i’SUPPLY’s tech-enabled platform connects over 10,000 pharmacies with more than 200 distribution companies, offering a portfolio of over 10,000 pharmaceutical products.
- The funding will support i’SUPPLY’s expansion plans and enhance its capabilities, with a focus on obtaining a license from the Egyptian Financial Regulatory Authority to meet the financing needs of small and medium-sized pharmacies.
Zoom in…
Egyptian pharmaceutical distribution startup i’SUPPLY has raised a pre-Series A funding round, taking its total funding to US$2.5 million since its inception in 2022.
i’SUPPLY has developed a tech-enabled platform that connects over 10,000 pharmacies with more than 200 small-to-medium-sized distribution companies, offering a portfolio of over 10,000 pharmaceutical products.
The undisclosed funding round, which took total funding to US$2.5 million, saw participation from several prominent investment funds, including Disruptech Ventures, OneStop Capital, Axian Investment CVC and Egypt Ventures, among others.
The startup will use the funding to bolster its expansion plans and enhance its capabilities, upon obtaining the required license.
What they’re saying…
“This investment marks a leap forward for us, as it accelerates our growth strategy and revolutionizes our ability to empower small and medium-sized pharmacies. Our sights are set even higher as we strive to obtain a license from the Egyptian Financial Regulatory Authority to meet the evolving financing needs of small and medium-sized pharmacies. Our unwavering commitment to meeting the escalating market demand for funding, addressing working capital shortages among pharmacies and small distributors, remains at the core of our mission,” said Ibrahim Emam, CEO and co-founder of i’SUPPLY.
Abdel Rahman Mansour, CEO of Egypt Ventures, said he was “thrilled” to partner with i’SUPPLY and support its future expansion plans.
“We are confident that i’SUPPLY’s innovative and fully digital platform will continue to significantly impact and develop the industry, by enhancing efficiencies and filling in gaps along the entire pharmaceutical supply chain. The team has proven to be highly resourceful and strategic and we believe this will be the key to i’SUPPLY’s success,” said Mansour.
Source: disruptafrica.com
