Egyptian pharmaceutical distribution startup i’SUPPLY has closed a pre-Series A funding round, bringing its total funding to $2.5 million since its launch in 2022.
i’SUPPLY is a technology company which provides a high-performing logistic solution for over 10,000 pharmacies with more than 200 distribution SMEs as well as a portfolio of over 10,000 pharmaceutical products.
This new round of funding, which took the overall funding reached US$2.5 million, involved several renowned investment funds such as Disruptech Ventures, OneStop Capital, Axian Investment CVC, and Egypt Ventures to name but a few.
The startup is to strengthen its positions and increase its preparation for the further growth as soon as it receives the necessary licence for its operations.
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“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. Our sights are set even higher as we strive to obtain a licence 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,” said Ibrahim Emam, CEO and co-founder of i’SUPPLY.
In a statement, Abdel Rahman Mansour, the CEO of Egypt Ventures, expressed his joy in being associated with i’SUPPLY while noting that the company had bright future prospects.
“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. The team has proven to be highly resourceful and strategic, and we believe this will be the key to i’SUPPLY’s success,” said Mansour.
