MedznMore, an online pharmacy has raised more than $11.5 million in Pakistan’s largest funding round by a healthcare startup, reported Bloomberg.
The funding round of the company will help them expand their services and hire more tech talent.
According to the company’s statement the investors in the pre-Series A round included Integra Partners, Sturgeon Capital and Nunc Gestion.
MedznMore employs more than 800 people and operates in the cities of Karachi, Lahore and Islamabad and provides drugs to pharmacies and retail customers. It’s among the small but steadily rising number of young Pakistani companies which have caught the eyes of foreign investors.
Chief Executive Officer (CEO) Asad Khan of MedznMore told Bloomberg that by the end of the year, the company would be operating in 7 new cities across the country. He added that the capital would be spent on these new cities for construction of warehouses, having omnichannel stores, and staff and inventory.”
Asad Khan further briefed that the Karachi-based startup raised $2.6 million in September 2020, the country’s largest seed round at the time, and will aim for a Series A round by the end of the year.
The company was founded by Asad Khan, Saad Khawar and, former investment banker Babar Lakhani who founded MedznMore in 2020 intending to provide Pakistanis easy access to genuine drugs in a market notorious for spurious medicines.
It is pertinent to mention that Pakistani startups in 2021 raised more funds than over the previous six years combined.