MEDZnMORE, a Pakistani health-tech platform on a mission to reshape healthcare for over 220M people, has raised the largest investment of any healthcare startup in Pakistan.
The startup has raised $11.5 mn 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 who are closely aligned with MEDZnMORE’s mission to transform healthcare in Pakistan.
The company had previously raised $2.6 mn in September 2020 which was the country’s largest seed round at the time.
The company, founded in late 2020 by Asad Khan, Saad Khawar, and Babar Lakhani, is 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.
In a market riddled with counterfeit medicines, where over 40% of all dispensed medicines are either spurious or have lost efficacy; MEDZnMORE is looking to solve this epidemic of counterfeits by improving the availability of, and ease of access to, authentic medicines all across Pakistan.
MEDZnMORE partners with pharmaceutical companies and/or their authorized distributors across Karachi, Lahore, and Islamabad, where it operates its warehouses, to deliver genuine products, and the best-in-class experience, to patients and retail pharmacies.
The company has seen phenomenal traction and has been growing ~42% month over month for the past 12 months and now controls over 1% of the Pakistani pharma market and delivers over 100,000 products from its 7 cold-chain enabled warehouses located across Karachi, Lahore, and Islamabad every day.
Asad Khan, CEO MEDZnMORE, shared, “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,” he added.
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.”
He added, “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.”
“MEDZnMORE is solving some of the most pressing problems within the Pakistani healthcare space and has shown phenomenal traction in a very short span of time,” said Jinesh Patel, Managing Partner, Integra Partners.
He added, “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.”
He further said, “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.”