With the successful completion of its pre-Series A funding round, i’SUPPLY, the innovative digital platform in pharmaceutical distribution, has raised a total of USD 2.5 million since its founding in 2022. Several well-known investment funds, including Egypt Ventures, OneStop Capital, Axian Investment CVC, and Disruptech Ventures, participated in the funding round.
By providing tech-enabled platform support to pharmacies and small to medium-sized distribution companies, i’SUPPLY has made a name for itself in the Egyptian pharmaceutical market. Since its founding, the business has processed over a million purchase orders annually and is estimated to have an annual transaction volume of EGP 1 billion. With partnerships with over 200 distribution firms, the company’s integrated network currently supplies over 10,000 pharmacies with a portfolio of over 10,000 pharmaceutical products. Remarkably, i’SUPPLY saw a five-fold increase in revenue and transactions from January to May 2024 when compared to the same period in 2023.
Commenting on the latest funding round, Ibrahim Emam, CEO and Co-Founder of i’SUPPLY, stated, “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 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.”
Abdel Rahman Mansour, CEO of Egypt Ventures, added, “We are 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. The team has proven to be highly resourceful and strategic and we believe this will be the key to i’SUPPLY’s success.”
As a returning investor, Malek Sultan, Co-Founder and Partner at DisrupTech Ventures affirms the fund’s belief in i’SUPPLY by stating: “We are thrilled to continue our support for i’SUPPLY, as we firmly believe in their mission and the positive impact, they have created in bridging the gap between pharmacies and distributors. The financing of pharmacies has been a crucial and much-needed offering in the Egyptian market, and we fully support their endeavor to obtain the FRA license. We are confident that i’SUPPLY will continue to revolutionize the industry and drive meaningful change in the healthcare ecosystem.”
The short 18-month turnaround time for i’SUPPLY’s profitability highlights the company’s skillful capital management and operational efficiency. Pre-series A funding will greatly support i’SUPPLY’s plans for growth and improve its capacity to finance small and medium-sized pharmacies once the necessary license is obtained. Apart from augmenting its fintech portfolio, the organization is also pushing the boundaries of technological services for every player in the pharmaceutical supply chain, ranging from producers and distributors to pharmacies and public and private hospitals.
