MEDZnMORE, a Pakistani HealthTech platform on a mission to reshape healthcare for over 220M people, has raised $11.5M in Pre-Series A round.
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Karachi-based HealthTech startup MEDZnMORE has raised $11.5M in Pre-Series A funding from 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 company was founded in late 2020 by Asad Khan, Saad Khawar, and Babar Lakhani, as a B2X pharma delivery platform that aims to solve problems that have persisted for decades in buying medicines and wellness products for consumers and retail pharmacies alike.
Similar to other EVMs, the healthcare industry in Pakistan surged during the pandemic. The investor interest spiked in startups providing digital healthcare infrastructures, online teleconsultations, and creating online marketplaces for medicines. The industry aggregated $10M+ over the past 2 years owing to the pandemic. As recorded in our Pakistan Q1 2022 Venture Investment Report, this year, the sector has raised $5M in Q1’22, equal to the total capital raised in FY 2020. This was credited entirely to Find My Doctor, a healthtech startup providing an on-demand servicing platform. Over in MENA, the sector raised south of $50M with Altibbi ($44M Series B) raising the lion’s share of investment.
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The domestic market is rife with counterfeit medicine, and reports suggest that 25 to 40% of all medicine dispensed is either fake or has lost efficacy. MedznMore is addressing this challenge head on and improving the availability and ease of access to authentic medicine across the country. Talking about the matter, Saad Khawar, Co-Founder MEDZnMORE said, “Constantly having to play catch-up with ever-increasing consumer demand has kept us humble and on our toes, and our journey has only just begun. We’re spending most of our energies on building scalable technology that can handle the complexities that come with a cold chain enabled Pharma supply chain and, getting together a world-class team that is passionate about reshaping healthcare in this country.”
The startup works directly with pharmaceutical companies and authorized distributors to sell products at competitive prices. The company ensures that medicine is always available to pharmacies and consumers by doing same day and next day deliveries. Babar Lakhani, Co-Founder MEDZnMORE, added, “We built MedznMore with the core focus of making quality healthcare affordable and accessible for the 5th largest population in the world. Today we have seven cold chain enabled warehouses in 3 cities and over the course of the year we will be opening a new city each month, giving us a presence in 9 cities across the country by the end of the year. On the product side we are laser focused on the user experience for both shopkeepers and consumers, for whom we will be adding new value add services and offerings in the coming months.”
Asad Khan, CEO MEDZnMORE, also shared his thoughts, “In a market of over 220m people, where public healthcare spending is only 1.2% of the GDP, and where 55% of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering, rather than spend on prohibitively expensive medical procedures. Ensuring the accessibility of affordable and authentic medicines is essential. At MEDZnMORE our aim is to make health and wellness products available in all corners of the country.”
Jignesh Patel, Managing Partner, Integra Partners added, “Being an Impact/ESG Investor we found MEDZnMORE to share the same ideology of sustainability and social impact. They are solving some of the most pressing problems within the Pakistani healthcare space and have shown phenomenal traction in a very short span of time. We are excited to be backing the star team at MEDZnMORE and are looking forward to being part of their journey as they reshape the Pakistani healthcare landscape.”
Kiyan, CIO, Sturgeon CIO shared, “The team at Medznmore has demonstrated in a short time a level of focus and quality of execution that has led to tremendous traction in the large and important pharmaceutical market of Pakistan. This combined with a clear vision of the product road map leads us to believe that the company will be a category leader in the pharmaceutical market not only in Pakistan but the broader region. We’re proud to be invested in the company and excited for the journey ahead.”
MEDZnMORE aims to utilize this funding to reshape healthcare by making health and wellness products available all over the country, and for expanding their team.
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