Egypt-based B2B healthtech company i’SUPPLY has successfully raised a pre-Series A funding round. This brings its total funding to $2.5 million since its inception in 2022.
This round will support the company’s expansion plans and enhance its ability to finance small and medium-sized pharmacies. It will also improve its fintech and technological capabilities.
Disruptech Ventures led the funding round, with participation from OneStop Capital, Axian Investment CVC, and Egypt Ventures.
This comes nearly two years after Disruptech Ventures led i’SUPPLY’s $1.5 million pre-seed round.
While giving his remarks, Ibrahim Emam, the CEO of i’SUPPLY, stated that this will accelerate the company’s growth strategy. It will also revolutionize its ability to empower small and medium-sized pharmacies.
He further added that the company plans to obtain a license from the Egyptian Financial Regulatory Authority. This will help meet the financing needs of small and medium-sized pharmacies.
“This investment marks a leap forward for us. It accelerates our growth strategy and revolutionizes our ability to empower small and medium-sized pharmacies.
“Our sights are set even higher as we strive to obtain a license from the Egyptian Financial Regulatory Authority. This will help meet the evolving financing needs of small and medium-sized pharmacies.
“Our unwavering commitment to meeting the escalating market demand for funding, addressing working capital shortages among pharmacies and small distributors, remains at the core of our mission.”
i’SUPPLY Digitizing Egypt’s Pharmaceutical Sector
Malek Sultan, Co-Founder and Partner at Disruptech Ventures, highlighted the importance of financing pharmacies. He said it is a critical need in the Egyptian market.
i’SUPPLY aims to digitize the pharmaceutical industry. Ibrahim Emam, Sultan, and Moustafa Zaki co-founded the company.
The company offers a platform to digitize and optimize supply and demand transactions. It serves drug manufacturers, distributors, wholesalers, and pharmacies.
Since its launch, i’SUPPLY has generated an annual transaction volume of EGP 1 billion ($20.9 million) and processed over one million purchase orders.
Its network includes over 10,000 pharmacies and collaborates with more than 200 distribution companies, offering a portfolio of over 10,000 pharmaceuticals.
On June 7, 2024, the Egypt Health Care Authority announced new partnerships aimed at mechanizing and digitally transforming healthcare services and revenue cycle management.
Egypt’s pharmaceutical industry is projected to generate $1.45 million in revenue in 2024, with a compound annual growth rate (CAGR) of 7.68% from 2024 to 2028, reaching a market volume of $1,948 million by 2028.
Egypt’s digital health market is also expected to grow from $0.59 billion in 2022 to $2.56 billion by 2030, at a CAGR of 20.1% between 2022 and 2030.