MedznMore, a health-care startup in Pakistan, has secured more than $11.5 million in the country’s largest fundraising round, allowing the firm to expand services and attract additional digital expertise.
Integra Partners, Sturgeon Capital, and Nunc Gestion were among the investors in the pre-Series A round, the business stated in a statement on Thursday (May 12).
The company, which has over 800 employees and operates in Karachi, Lahore, and Islamabad, provides pharmaceuticals to pharmacies and retail clients.
It’s one of a small but growing number of young Pakistani businesses seeking international investment – the country had a breakthrough year in 2021, with startups raising more money than in the previous six years combined.
In an interview, CEO Asad Khan stated, “By the end of this year, we aim to be in 7 to 8 more cities.” “A significant portion of this cash will be invested in these locations to construct warehouses, omni-channel storefronts, employees, and inventory.”
According to Khan, the Karachi-based firm secured US$2.6 million in September 2020, which was the country’s highest seed round at the time. It plans to raise a Series A round before the end of the year.
Former health-care workers Khan and Saad Khawar, as well as former investment banker Babar Lakhani, created MedznMore in 2020 with the goal of giving Pakistanis with simple access to real pharmaceuticals in a market known for fakes.
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