BuyMed, the Vietnamese startup that operates the pharma distribution marketplace Thuocsi.vn raised USD 2.5 million in pre-Series A funding led by Sequoia Capital India’s early-stage program Surge, and Genesia Ventures, the company informed on Monday. Its existing investor Cocoon Capital also took part in this round, which follows BuyMed’s seed funding in September 2019.
Launched in 2018, Thuocsi.vn provides a wide variety of products, coupled with price transparency, quality service, and fast delivery, the company claims. It offers e-commerce fulfillment as a service to healthcare manufacturers, brand owners, and distributors. The site has seen 250% growth in six months, serving 7,000 pharmacies, clinics, and hospitals across Vietnam, according to company data. It has expanded its network of suppliers, distributors, and manufacturers to more than 700 partners.
The firm’s co-founder and CEO Peter Nguyen said that around 80% of pharmacies, clinics, and hospitals in Vietnam rely on informal sales representatives to order products. Therefore, Thuocsi.vn provides a more reliable, safe, and efficient solution to evaluate and order products online, empowering small healthcare businesses to become more resilient.
BuyMed is supporting its clients and partners during the COVID-19 pandemic by expanding operations and helping partners diversify their sales and distribution channels on the platform. As a result, the platform saw a surge in demand for products pharmacies and clinics in the past three months.
Moreover, BuyMed has tripled its annual revenue in the last 12 months, accompanied by a 13-fold increase in monthly orders. To further accelerate this growth, the company plans to hire new staff in mobile development, supply chain, and fulfillment. It also intends to expand the team in Hanoi to establish Thuocsi.vn as a national distribution platform. Furthermore, BuyMed aims to add new product lines including cosmetics, medical devices, supplements, and medical services, according to an official statement.
In the statement, Takahiro Suzuki, general partner of Genesia Ventures said that there is still a tremendous opportunity for growth and improvement in Vietnam’s pharmaceutical supply chain. “We believe that BuyMed’s founders have the experience, execution and operational management necessary to tackle this problem. We look forward to working with the team to achieve their mission of improving the healthcare and wellbeing for the people in Vietnam,” he said.
