Health-Tech Startup Medznmore Raises $11.5m in Pre-Series a Funding
On Thursday, it was announced that MEDZnMORE had raised $11.5 million in a pre-Series A fundraising round, making it the largest such deal for any health-tech business in Pakistan.
Integra Partners, Nunc Gestion, Sturgeon Capital, and Alta Semper are among the investors in the deal. AlTouq Group, ACE & Company, Key Family Partners, Reflect Ventures, Atlas Asset Management, and a few angel investors are among the other investors. Asad Khan, Saad Khawar, and Babar Lakhani formed the company in late 2020 and raised $2.6 million in September of that year.
TezMedz and Tabiyat.pk, respectively, cater to business-to-business (B2B) and business-to-consumer (B2C) channels. According to the company’s press release, approximately 40% of all dispensed drugs in Pakistan are either fake or have lost their effectiveness. MEDZnMORE is attempting to address this issue by increasing the availability and accessibility of genuine medications.
It stated it works with pharmaceutical companies and their authorised distributors to supply legitimate medications to patients and retail pharmacies in Karachi, Lahore, and Islamabad, where it has warehouses. Since last year, the firm claims to have grown by 42 percent month on month and now delivers over 100,000 products per day from its seven cold-chain capable warehouses in Karachi, Lahore, and Islamabad.
Kiyan Zandiyeh, Chief Investment Officer at Sturgeon Capital, said the MEDZnMORE team had showed “a degree of focus and quality of execution that has resulted to remarkable traction” in a short period of time.
“This, together with a defined product roadmap, led us to assume that the company will be a category leader in the pharmaceutical sector, not just in Pakistan but throughout the region. We’re delighted to have invested in the company and are looking forward to the future “Zandiyeh remarked.
Asad Khan, the company’s chief executive officer, stated that the company’s goal was to make health and wellness items available across the country.
“As an ESG (environmental, social, and governance) investor, we found MEDZnMORE to share the same idea of sustainability and social impact,” said Jinesh Patel, managing partner at Integra Partners.
Patel claimed that the firm was addressing some of the industry’s most urgent issues and had gained a lot of traction in a short period of time.
“We are pleased to be a part of the stellar team’s journey as they alter the Pakistani healthcare scene,” Patel added.