EGYPT – i’SUPPLY, a digital B2B multi-seller marketplace operating in the pharmaceutical industry, has raised US$1.5 million in its pre-Seed round of funding to connect pharma businesses with small and medium wholesalers and pharmacies for the purpose of financing.
The pre-Seed round was led by Disruptech Ventures and included participation from other investors as well.
“With an initial launch late in 2021, i’SUPPLY aims to transform the medicine wholesale distribution in the MENA region and Africa by focusing on supporting and empowering the mid and small-sized wholesalers and pharmacies,” said Ibrahim Emam, CEO of i’SUPPLY.
i’SUPPLY has big plans for its operations using the funds, and they include expanding their business not just across the country but also into other nations in the Middle East and Africa area.
i’SUPPLY has seen exponential success and hyper growth in just four months since its launch, reaching US$2 million in gross merchandise volume (GMV), delivering 50 thousand or more sales orders from one hundred or more wholesalers covering ten thousand or more stock keeping units (SKUs), and having five thousand pharmacies onboarded in Greater Cairo during this brief period of time.
These achievements demonstrate our firm understanding of the market as well as our extensive expertise and capabilities in the pharmaceutical distribution sector.
Moreover, the strategic focus of i’SUPPLY is in line with Egypt’s move forward with digital transformation strategies across the board.
According to a report titled The Potential Impact of AI in the Middle and published by PWC, Egypt plans to allocate 7.7% of its GDP derived through artificial intelligence by the year 2030. i’SUPPLY is looking to allocate 7.7% of its GDP.
“We at Disruptech are very excited to be part of iSupply’s journey, we always stand by and back strong founders like Ibrahim & iSupply’s founding team. We believe that Ibrahim and his team will create real positive disruption in the industry,” Malek Sultan, Disruptech’s Co-Founder & Partner, said.
i’SUPPLY was established in 2021 by Ibrahim Emam, Malek Sultan, and Moustafa Zaki, and its mission is to re-engineer the pharmaceutical industry by integrating technological solutions at all stages of the supply chain.
The technology that underpins i’SUPPLY was developed with the many stakeholders in mind, with the goal of providing each of them with a streamlined experience through the use of sophisticated artificial intelligence algorithms.
i’SUPPLY intends to cover the entirety of Egypt over the course of the next year, with a particular focus on the country’s 60K pharmacies. i’SUPPLY also intends to start offering distribution and finance services in the near future.
In addition, i’SUPPLY is making preparations to extend its geographical presence to include Africa and the MENA Region.