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Egyptian Digital Marketplace Pharmacy Marts Secures Funding for Growth and Expansion

New Investments

Egyptian Digital Marketplace Pharmacy Marts Secures Funding for Growth and Expansion

Pharmacy Marts, a leading digital marketplace for pharmacies in Egypt, has secured a six-figure bridge round of funding from Acasia Ventures, an early-stage venture capital firm.

This new investment will fuel the company’s ambitious plans for growth and international expansion.

Founded in 2021, Pharmacy Marts aims to revolutionize the pharmaceutical supply chain in Egypt by connecting pharmacies with suppliers through a user-friendly online platform.

Recognizing the challenges pharmacists face in securing financing, Pharmacy Marts also offers access to working capital and long-term financing options, including “Buy Now, Pay Later.”

With this latest funding round, Pharmacy Marts has secured a total of US$2 million to date.

The company boasts an impressive reach, covering approximately 20% of Egypt’s pharmacies (over 12,000) and collaborating with more than 200 suppliers.

“The distribution of medication in Egypt has historically been unreliable,” said Ahmed Kadous, CEO and co-founder of Pharmacy Marts.

“Our goal is to improve patient access to medication by addressing inconsistent product availability across pharmacies. This not only benefits patients but also simplifies the lives of pharmacists.”

Kadous expressed his enthusiasm about Acasia Ventures’ involvement, highlighting their strong presence in targeted African markets and valuable network of industry experts.

Acasia Ventures managing partner Aly El Shalakany is confident in Pharmacy Marts’ future, recognizing them as a frontrunner in the digital healthcare space.

“We are impressed by the company’s strong team and their innovative solution that addresses a critical need,” said Shalakany.

“We believe Pharmacy Marts is well-positioned for continued success, improving the lives of pharmacists and patients across Egypt and beyond.”

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Pan-African Talent Cloud Company Gebeya Partners with O’Reilly to Upskill African Workforce

Key Developments

Pan-African Talent Cloud Company Gebeya Partners with O'Reilly to Upskill African Workforce

Gebeya, a leading Pan-African talent cloud company, has announced a strategic partnership with O’Reilly, a respected provider of technology and business learning solutions, to empower African professionals in the digital age.

This collaboration will grant users across Gebeya’s Talent Cloud platforms access to O’Reilly’s expansive library of over 5,000 tech-focused courses.

Developed by industry experts, these resources cover a wide range of in-demand skills, including data analytics, cloud computing, artificial intelligence, and more.

“We’re excited to partner with Gebeya on this impactful initiative,” said Alexia Pedersen, Senior Vice President International at O’Reilly.

“Our comprehensive learning solutions, offered in various formats like books, videos, and online courses, will equip African talent with the knowledge and expertise needed to thrive in the evolving tech landscape.”

Gebeya’s AI-powered talent cloud platform allows partners to curate talent ecosystems, source candidates, assess skills, and build communities.

This partnership empowers Talent Cloud owners to offer O’Reilly’s content at a reduced cost and in local currencies, expanding accessibility for African learners.

“By integrating O’Reilly’s resources, we’re arming African professionals with the skills to excel in the digital economy,” said Martin Ndlovu, Chief Growth Officer of Gebeya.

This collaboration further strengthens Gebeya’s existing partnership with Microsoft, aiming to establish the largest Microsoft Talent Cloud dedicated to Africa.

Launching next week, Microsoft.gebeya.com will leverage O’Reilly’s curated Microsoft-aligned courses to bolster skill development for sought-after tech roles.

Learners who complete these programs will earn industry-recognized badges certifying their Azure competencies.

Additionally, they will gain access to practical resources like Azure labs, sandbox environments, and practice exams, preparing them to meet the demands of Microsoft partner talent needs.

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Nigerian Fintech LemFi Teams Up With Visa Partnership to Facilitate Cross-Border Transactions in Asia

Key Developments

Nigerian Fintech Startup LemFi Teams Up With Visa Partnership to Facilitate Cross-Border Transactions in Asia

Nigerian fintech company LemFi has signed a strategic deal with Visa’s Cross-Border Solutions division to fuel its international expansion into key markets like China, India, and Pakistan.

This partnership leverages Visa’s expertise in facilitating cross-border transactions, bolstering LemFi’s ability to serve its growing user base.

The collaboration comes on the heels of LemFi’s appointment of industry veteran Allen Qu, formerly COO of Opay, to spearhead its China expansion efforts.

The agreement strengthens LemFi’s existing relationship with Visa, which has provided debit and prepaid debit cards to over 250,000 of its users in the UK and EMEA region. Visa will also remain LemFi’s preferred partner for e-payments and foreign exchange services.

Founded in 2020 by Ridwan Olalere, LemFi, formerly known as Lemonade Finance, empowers immigrants with a multi-currency account solution.

This innovative platform allows users to manage, transfer, and receive funds seamlessly between their home and host countries’ currencies. LemFi currently facilitates money transfers to over 30 countries worldwide.

“Our combined expertise and robust technology platform position us perfectly for international expansion,” said Olalere. “Visa’s established network, transparency, and scalability will be instrumental in extending our services globally.”

LemFi’s international ambitions gained momentum in August 2023 with its U.S. launch, supported by an International Money Transfer Operator (IMTO) license obtained through its subsidiary, RightCard Payment Services Limited, from the Central Bank of Nigeria.

The company further bolstered its position that same month with a $33 million funding round aimed at streamlining remittance services for immigrants.

Continuing its strategic growth trajectory, LemFi partnered with ClearBank, a UK-based clearing and agency banking platform, in December 2023.

This collaboration aims to provide enhanced international payment services for immigrant communities across North America and Europe through agency banking solutions.

In February 2024, LemFi successfully resumed operations in Ghana, two months after a temporary suspension following regulatory clarifications by the Bank of Ghana.

With a robust partnership with Visa and a clear vision for global expansion, LemFi is set to become a leading player in the international money transfer market, empowering immigrants with seamless financial solutions.

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Tunisian AI Startup ClusterLab Secures Pre-Seed Funding Led by Instadeep CEO

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Tunisian AI Startup ClusterLab Secures Pre-Seed Funding Led by Instadeep CEO

ClusterLab, a Tunisian-born artificial intelligence (AI) startup headquartered in the United Arab Emirates (UAE), has secured $600,000 in a pre-seed funding round.

The investment, led by Karim Beguir, CEO of fellow Tunisian AI firm InstaDeep, will fuel ClusterLab’s research and development of next-generation large language models (LLMs).

These advanced LLMs are expected to significantly improve ClusterLab’s natural language processing (NLP) capabilities.
 
This will allow the company to enhance user experiences within its AI-powered products, including Reedz, a mobile application that summarizes audiobooks, and Elm, an AI-driven learning app.

The funding marks a major step forward for ClusterLab’s mission to revolutionize how Arabic content is created and consumed.
 
The company aims to leverage the power of AI to make Arabic content more accessible and engaging for a global audience.

Founded in Tunisia in 2020 by Haithem Kchaou and Chehir Dhaouadi, ClusterLab specializes in AI and NLP technologies.
 
The company is committed to using AI for positive social and educational impact. Notably, ClusterLab collaborated with InstaDeep on a national AI initiative for Tunisia’s Ministry of Higher Education and was selected for the prestigious Nvidia Inception Program for AI startups.

“Our expertise goes beyond the limitations of current large language models,” said Kchaou, CEO of ClusterLab. “We were forerunners in using NLP for innovative content summarization well before it became mainstream.

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Onafriq and M-PESA Partner to Streamline Ethiopia’s Remittances

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Onafriq and M-PESA Partner to Streamline Ethiopia's Remittances

Digital payments providers Onafriq and M-PESA signed an International Money Transfer Agreement to simplify how Ethiopians abroad can send money back home.
 

The agreement leverages M-PESA’s mobile money transfer service, accessible to Ethiopians following Safaricom’s acquisition of a Payment Instrument Issuer License in 2023.

This paves the way for Ethiopians to receive remittances directly through M-PESA.

“This partnership offers Ethiopians in the diaspora a seamless channel to support their loved ones,” said Paul Kavavu, General Manager at Safaricom Ethiopia.

Remittances are a significant contributor to Ethiopia’s economy, generating around $5 billion annually.

Kavavu emphasized that integrating international money transfers into M-PESA aligns with their goal of simplifying payments.

The significance of remittances in Africa was highlighted by Mohammed Endris, Director General of the Ethiopian Diaspora Agency.

He noted that remittances can reach up to 50% of GDP in some countries. World Bank data confirms this, with sub-Saharan Africa receiving $53 billion in remittance inflows in 2022

Endris aims to double Ethiopia’s remittance rate, which currently sits at around 5% of GDP.

Onafriq, formerly known as MFS Africa, brings a vast network to the table.

Founded in 2009, the company facilitates digital payments across 40 African markets, connecting over 500 million mobile money wallets and 200 million bank accounts.

According to a 2022 GSMA report, mobile money contributes significantly to GDP.

Countries with mobile money services boast a 1.5% higher GDP compared to those without. This collaboration between Onafriq and M-PESA is expected to further unlock the potential of mobile money in Ethiopia.

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