Pakistani Healthtech startup MedznMore raises $2.6M Seed funding round
MedznMore, a Karachi-based Healthtech startup, has closed a Seed round of $2.6M, by a syndicate of seasoned local and international angel investors. This is one of the largest Seed rounds in Pakistan’s history, adding momentum to a rapidly evolving technology ecosystem.
Discover more than 25 Pakistan-based Healthcare startups on MAGNiTT
MedznMore aims to tackle two major problems in the retail pharmacy market: difficulties in acquiring medicine and counterfeit drugs. Considering the problem of counterfeit medicine in pharmacies across Pakistan, they look to acquire directly from the source - pharmaceutical companies. The online platform is designed to streamline the process of acquiring over-the-counter (OTC) and prescription medication, with delivery right to the customer's doorstep, making the process hassle-free. MedznMore operates as an e-pharmacy, providing customers with simple and convenient answers for all their medicinal and wellness needs.
Co-founded by Asad Khan, a senior Careem alum, and Saad Khawar, an E-commerce industry veteran, the startup began operations in August 2020.
Asad is a Duke alumnus who left his post as General Manager at Careem earlier this year, to focus on his passion, which is making healthcare more accessible and affordable for the masses. He is a seasoned healthcare industry professional with over ten years of experience in leading healthcare companies in the US and Europe.
Asad commented, “At MedznMore, we want to solve the chronic problem of counterfeit drugs in Pakistan. In order to ensure 100% authenticity, all our medicines are procured either directly from the manufacturer or authorized distributors. In addition, we want to make the process more convenient than your local pharmacy, ensuring order delivery within 4 hours at the most affordable prices.
“Healthcare is one of the last few frontiers where technology hasn’t disrupted entrenched practices, which are complex, confusing, and inconvenient for the consumers of healthcare services. Over the next few months we will be bringing in diagnostic, telehealth, and personalized health insurance products, so customers can benefit from a one window solution for all their healthcare needs.”
Saad Khawar previously worked as the Head of Product for Dawaai.pk. He added, “At MedznMore, we are building a product that is based on the best technology stack, backed with operational efficiency and a well-managed logistics engine coming together seamlessly to provide our customers with an amazing experience.”
MedznMore is building an impressive team, by attracting top talent from the likes of Daraz, Careem, and other leading e-commerce players, which will allow the company to scale quickly leveraging knowledge from the wider ecosystem as well as addressing existing customer pain points.
The company operations are initially focused on delivering medicines and other healthcare products to the customer’s doorstep in Karachi, but they have plans to launch and expand throughout Pakistan. The company also plans to build a platform with comprehensive healthcare verticals over the next coming months.
Turkey's average deal size was up 250% in H1 2020 to $2.8M, indicating the shift of investors' focus towards later-stage startups. Discover more trends and insights in MAGNiTT's H1 2020 Turkey Venture Investment Report.
Are you a startup looking for investment? Apply for funding to 85+ investors now.