Vietnam’s BuyMed raises US$2.5M to expand its pharma distribution marketplace in Southeast Asia
Vietnamese online pharma distribution marketplace Thuocsi.vn, which operates under the brand BuyMed, announced today it has raised US$2.5M pre-Series A funding, co-led by Sequoia Capital India’s rapid scale programme Surge and Genesia Ventures, according to a company statement.
Singapore’s early-stage VC firm Cocoon Capital also joined the round.
The new capital will be used to expand locally as well as into other parts of Southeast Asia.
A portion of the capital will also go into hiring new talent in mobile development, supply chain, and fulfilment, as well as establishing product domination in Hanoi.
Founded in 2018, BuyMed is a B2B healthcare and personal care distribution platform. The brand has partnered with more than 700 pharma suppliers, distributors and manufacturers, mainly within the region. It also claims that it has hit a 250 per cent growth in the last six months, with a 13 times increase in monthly orders.
“Currently, 80 per cent of pharmacies, clinics, and hospitals in Vietnam rely on informal sales representatives to order products. Logging in to thuocsi.vn provides a reliable, safe, and efficient solution to evaluate and order products online, empowering small healthcare businesses to become more resilient,” added Peter Nguyen, CEO and Co-founder of BuyMed.
As the COVID-19 pandemic continues, stock exchange gurus are viewing pharma companies as a healthy bet due to its potential to rise in demand. Thuocsi.vn is no different as it experiences a strong surge in demand for its products as stated earlier.
The startup is also supporting clients and partners by expanding operations and helping partners diversify their sales and distribution channels on their platform.