BuyMed, the operator of Thuocsi.vn, the largest online pharma distribution marketplace in Vietnam, announced on Friday a $9 million Series A financing round led by Korean venture capital fund Smilegate Investment.
The financing round also saw participation from B Capital Group and existing investors Cocoon Capital, Genesia Ventures, Sequoia Capital India’s Surge, and Nextrans, Thuocsi.vn said in a statement.
The fresh funds will be used to grow BuyMed’s distribution network both in Vietnam and in other parts of Southeast Asia, the company said.
With this new round, BuyMed has raised $12.8 million in total funding. In 2020, it secured $2.5 million in a Pre-Series A round led by Sequoia Capital and Genesia Ventures.
“Our mission is to ensure the modernization of the Vietnamese healthcare industry. Thuocsi.vn is driving the adoption of online HealthTech throughout the ecosystem. With the pandemic, we have seen healthcare practitioners accelerate digitalization which in the long run will lead to healthcare practitioners becoming more resilient and ensure business continuity in times of crisis, both in Vietnam and across Southeast Asia”, said BuyMed Co-Founder and Chief Executive Officer Peter Nguyen.
Headquartered in Ho Chi Minh City, Thuocsi.vn is a B2B, full-stack pharmaceutical and healthcare marketplace that sits at the center of Vietnam’s new, digital procurement ecosystem. Through its platform, pharmacies and other healthcare practitioners can continue to access a variety of vetted, legitimate products transported and kept with relevant cold chain protocols.
In January 2021, BuyMed expanded to Hanoi to establish its national distribution and fulfillment platform, allowing it to deliver products across 63 provinces and cities. The company has grown four times over the last 12 months, currently processing over 30,000 orders per month having shipped supplies and pharmaceuticals to over 16,000 pharmacies across Vietnam, the company said.
With the platform, customers have seen up to 75 percent time savings, 20 percent more profit, and 80 percent less working capital requirements, Thuocsi.vn claimed.
“The pharmaceutical sector in Vietnam has long suffered from a complicated distribution system and unreliable logistics. BuyMed’s team with its innovative business model is poised to tackle these long-standing legacy issues. Over the last few months, their tremendous traction has turned their vision into reality. We are truly excited to join BuyMed on their journey in streamlining the $65 billion pharmaceutical market in Southeast Asia”, said Smilegate Investment Senior Vice President Kyounghwan Kim.
Founded in 2018, BuyMed operates Thuocsi.vn, an e-commerce healthcare marketplace in Vietnam. The platform serves healthcare practices by providing a variety of products, price transparency, quality service, and fast delivery while offering e-commerce fulfillment as a service to healthcare manufacturers, brand owners, and distributors. The platform now has 1,000 suppliers, distributors, and manufacturers.
Smilegate Investment is a venture capital and private equity firm specializing in investments in merger and acquisition deals, buyout, early and mezzanine stages. The VC firm manages assets of more than $1.5 billion.
Featured image credits: Thuocsi.vn
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