Egypt-based healthtech Pharmacy Marts has raised a six-figure bridge round, led by Acasia Ventures.
Early-stage venture capital Acasia Ventures has invested a six-figure bridge round in Cairo-based digital marketplace Pharmacy Marts.
Founded in 2021 by Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts is a B2B digital marketplace that connects pharmacies and medical suppliers to easily access and receive medicine, medical supplies and cosmetics. Additionally, it tackles the pain point of pharmacists being unable to secure suitable financing terms from wholesalers, by providing access to working capital and long-term financing, including “Buy Now, Pay Later” options.
According to CEO and co-founder of Pharmacy Marts Ahmed Kadous states,“The distribution of medication in Egypt is not reliable or smooth, but rather plagued with the inconsistent availability of products across pharmacies and geographical areas, leading to a shortage in medication, this ultimately impacts the patients who need the medication and makes the life of a pharmacist rather difficult.”
Today, Pharmacy Marts covers about 12,000 of Egypt’s pharmacies, equivalent to 20 per cent of the total market, and boasts over 200 suppliers on its platform.
Kadous is joined by three co-founders: Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha. Mazhar serves as the Chief Strategy Officer, and has previously held the role of Senior Manager for Business Development Strategy at Vodafone’s Vodafone Cash division. El Ghotni, the Chief Business Officer, has extensive background in the commercial sector, having served in marketing and sales roles at Vodafone Cash, MNT-Halan, and Capiter. Shousha, Head of Sales, gained expertise in the implementation of efficient sales processes as an Executive Medical Representative at Novartis before co-founding Pharmacy Marts.
