MedznMore raises Pakistan’s largest Healthtech investment of over $11.5mn in a Pre-Series A round.
The company today announced that it has completed its Pre-Series A round marking the largest investment in healthtech to date. MedznMore is on a mission to reshape healthcare in Pakistan by increasing the accessibility of authentic medicine and services across the country to reach all 220 million people.
MedznMore raised $2.6mn in September 2020, which was then the largest seed round in Pakistan, bringing the total funding since inception to over $14mn. This round, the country’s largest Pre-Series A to date, included Integra Partners, Nunc Gestion, Atlas Group, Sturgeon Capital, and Alta Semper with follow-on participation from Lakson Group. Additional investors included ACE & Co, AlTouq Group, Key Family Partners, Reflect Ventures and select angel investors.
The company founded in late 2020 by Babar Lakhani, Asad Khan, and Saad Khawar is a B2X pharma delivery platform that is transforming healthcare in Pakistan. The company is tackling fundamental problems that have persisted for decades in buying medicines and wellness products for consumers and retail pharmacies alike.
“In a market of over 220m people, where public healthcare spending is only 1.2% of 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 unaffordable 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.” – Asad Khan
The domestic market is rife with counterfeit medicine, and reports suggest that 25 to 40% of all medicine dispensed is either fake or has lost efficacy. MedznMore is addressing this challenge head on and improving the availability and ease of access to authentic medicine across the country. The startup works directly with pharmaceutical companies and authorized distributors to sell products at competitive prices. The company ensures that medicine is always available to pharmacies and consumers by doing same day and next day deliveries.
“We built MedznMore with the core focus of making quality healthcare affordable and accessible for the 5th largest population in the world. Today we have seven cold chain enabled warehouses in 3 cities and over the course of the year we will be opening a new city each month, giving us a presence in 9 cities across the country by the end of the year. On the product side we are laser focused on the user experience for both shopkeepers and consumers, for whom we will be adding new value add services and offerings in the coming months.” – Babar Lakhani
MedznMore has seen phenomenal traction and is amongst the top 5 largest startups in the country by revenue growing over 40% month over month over the last 12 months. The startup delivers over 100,000 products from its warehouses each day led by a team of over 800 people.
“The team at MedznMore have demonstrated in a short time a level of focus and quality of execution that that has led to tremendous traction in the large and important pharmaceutical market of Pakistan. This combined with a clear vision of the product road map lead 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” – Kiyan (Sturgeon Capital)
“Being an Impact/ESG Investor we found MEDZnMORE to share the same ideology of sustainability and social impact. They are solving some of the most pressing problems within the Pakistani healthcare space and have shown phenomenal traction in a very short span of time. 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.” – Jignesh (Integra Partners)