HealthTech startup MEDZnMORE has raised $11.5M in a Pre-Series A round, making it Pakistan’s largest deal at this stage. Previously, fintech Creditbook laid claim to the biggest Pre-Series A after it raised $11M in 2021.
Investors include Integra Partners, Nunc Gestion, Sturgeon Capital, and Alta Semper. Other participants are: AlTouq Group, ACE & Company, Key Family Partners, Reflect Ventures, Atlas Asset Management, and a few angel investors.
Founded in 2020 by Asad Khan, Saad Khawar, and Babar Lakhani, the startup had raised $2.6M in September that year. With the new round, its total capital now stands at $14.1M and makes it the most-funded HealthTech in Pakistan.
The company partners with pharmaceuticals and their authorized distributors across Karachi, Lahore, and Islamabad to deliver genuine products. It currently caters to both B2B and B2C channels with the former (TezMedz) accounting for bulk of the sales. Meanwhile, Tabiyat.pk which serves retail customers, boasted 102.7K visits on its website last month, according to data from Similarweb.
The startup claims to be growing 42% MoM over the past 12 months and now delivers over 100,000 products every day from its seven cold-chain enabled warehouses located across Karachi, Lahore, and Islamabad. According to Saad Khawar, the focus will now be building a robust tech to optimize the physical infrastructure.
“In a market of over 220m people, where public healthcare spending is only 1.2% of the GDP, and where 55% of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering, rather than spend on prohibitively expensive medical procedures. At MEDZnMORE our aim is to make health and wellness products available in all corners of the country,” said CEO Asad Khan.
Kiyan Zandiyeh, CIO at Sturgeon Capital, noted: “The team at Medznmore have demonstrated in a short time a level of focus and quality of execution that’s led to tremendous traction. This combined with a clear vision of the product road map led us to believe that the company will be a category leader in the pharmaceutical market not only in Pakistan but the broader region.”