EGYPT – i’SUPPLY, an Egyptian pharmaceutical distribution startup, has raised a pre-Series A funding round, taking its total funding to US$2.5 million since its inception in 2022. 

The undisclosed funding involved participation from several prominent investment funds, including Disruptech Ventures, OneStop Capital, Axian Investment CVC, and Egypt Ventures.

The startup will use the funding to bolster its expansion plans and enhance its capabilities upon obtaining the required license. 

“This investment marks a leap forward for us, as it accelerates our growth strategy and revolutionizes our ability to empower small and medium-sized pharmacies,” said Ibrahim Emam, CEO and co-founder of i’SUPPLY.

“Our sights are set even higher as we strive to obtain a license from the Egyptian Financial Regulatory Authority to 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 has developed a tech-enabled platform connecting over 10,000 pharmacies with over 200 small-to-medium-sized distribution companies, offering a portfolio of over 10,000 pharmaceutical products. 

Abdel Rahman Mansour, CEO of Egypt Ventures, said he was “thrilled” to partner with i’SUPPLY and support its future expansion plans. 

“We are confident that i’SUPPLY’s innovative and fully digital platform will continue to significantly impact and develop the industry by enhancing efficiencies and filling in gaps along the entire pharmaceutical supply chain,” said Mansour.

“The team has proven to be highly resourceful and strategic, and we believe this will be the key to i’SUPPLY’s success.” 

In 2022, i’SUPPLY raised US$1.5 million in its pre-seed round of funding to connect pharmaceutical businesses with small and medium wholesalers and pharmacies for financing.

The pre-seed round was led by Disruptech Ventures and included participation from other investors.

i’SUPPLY has big plans for its operations using the funds, including expanding its business across the country and into other nations in the Middle East and Africa.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE