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Ibnsina Pharma secures 75% stake in online marketplace 3elagi Tech –

Egypt pharmaceutical distribution companies, Ibnsina Pharma, has acquired a 75% stake in a portfolio company and a graduate of Falak Startups, 3elagi Tech….

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One of Egypt’s largest pharmaceutical distribution companies, Ibnsina Pharma, has acquired a 75% stake in a portfolio company and a graduate of Falak Startups, 3elagi Tech. 

An Egypt pharmaceutical distributor acquires 75% stake in local online pharmacy marketplace 3elagi

The new partnership will promote the growth of 3elagi Tech, accelerate the startup’s digital transformation, and strengthen its digital footprint while providing people access to medication without having to leave their households.

The majority of the capital includes Egyptian Pound 25-million ($1.6-million) which will contribute to financing future expansions. 

The 25% stake that remains will continue to be managed by the founders. 

Ibnsina Pharma

Ibnsina Pharma was established in 2001 by Omar Abdel Gawad and Mahmoud Abdel Gawad. Ibnsina Pharma is an Eygpt pharmaceutical distribution company that issues a portfolio of pharmaceutical products from more than 350 Egyptian and multinational companies. 

Products and services are provided to over 42 000 customers that include hospitals, wholesalers, pharmacies, and retail outlets. The company has roughly 680 vehicles that transport high-quality pharmaceutical goods and services to customers across 62 nationwide sites. 

The 75% stake acquired is the second step in their digital transformation plan after launching an app in July that connects pharmacies with patients. 

In an official press release, Mohsen Mahgoub, Ibnsina Pharma’s Chairman, commented on the global pandemic driving digital transformation and easier access to medication for individuals.

“This acquisition came in line with the growing importance of the eCommerce during the COVID-19 pandemic and the social distancing measures. The lockdown that was implemented in most of the world, highlighted the need to give patients access to have their medications without having to leave their homes. 

This strategic move supports the state efforts to apply Track & Trace system in order to prevent counterfeit of medical drugs and illegal drugs from filtering into the system by following the drugs at every step of the supply chain.

In addition, it supports the national agenda “Egypt Vision 2030” which reflects the state’s long-term strategic plan to achieve sustainable development through knowledge-based economic growth and digital transformation.

Investment strategies

Investment in the digital healthcare sector is a first for Ibnsina Pharma. The distribution company aims to regulate operations that will benefit stakeholders. 

Omar Abdel Gawad, Co-CEO of Ibnsina Pharma, commented on building the pharmaceutical sector through digitisation and how the company has surpassed its competitors in the field. 

“As part of our strategic objectives directed by the Board of Directors, we pursue value-adding acquisitions adjacent to our core operations in order to strengthen our business. This agreement is a proof point of implementing our investment strategy in the healthcare sector. It is also in line with our objective to strengthen our competitive edge in the area of digitalization to create meaningful innovations for the entire pharma sector” said Omar Abdel Gawad Ibnsina Pharma’s Co-CEO.

3elagi Tech’s application

3elagi Tech launched an application in July that allows clients to connect with pharmacies to purchase medication online. The app ensures a user-friendly experience for customers and provides a clear layout to easily navigate. 

Pharmacists can order 24/7 and receive information around product availability and receiving time. Balances and invoices can also be monitored on the app.

The increase in the capital gives 3elagi Tech the opportunity to increase the number of users and registered pharmaceutical companies using their app. The objective is to build the app into a platform for online orders. 

Mahmoud Abdel Gawad, Co-CEO of Ibnsina Pharma, explains how the application works and how it doesn’t favour specific pharmaceutical companies.

“The application is a new service that links the pharmacies with clients willing to order medicines and cosmetics online. The client will have the option to choose which pharmacy he wants to order from, consequently, the order and the invoice will be issued from the pharmacy to be delivered to the client at the official price. This means that the application doesn’t compete with pharmacies or favor specific pharmacies, on the contrary, it will boost orders to pharmacies and will increase the competitive advantage of small and medium-size pharmacies all over Egypt. We aim the have all the pharmacies in Egypt on the application whether the pharmacy is ibnsina pharma’s client or no” 

Benefits of the partnership

Ibnsina Pharma has been operating for almost 20 years, serving more than 40k pharmacies across Egypt. The partnership between Ibnsina pharma and 3elagi Tech will drive distribution in digital services. 

Mostafa Hamouda, 3elagi Tech Managing Director, celebrates the partnership with Ibnsina Pharma.

“We are excited to partner with ibnsina pharma, the fastest growing pharma distributor in Egypt with its high efficiency and strong distribution capabilities. We are confident that choosing the right partner whose values and strategic vision are aligned with our own will transform the application into a full-fledged-healthcare platform.”

Ibnsina Pharma offers a range of services to suppliers. The app operates across 62 sites nationwide, allowing access to safe and high-quality pharmaceutical products. 

Youssef ElSammaa, CEO of Falak Startups, explained their excitement to be apart of accelerating tech startups in the marketplace. 

“As shareholders, we are excited with the deal which is compatible with Falak Startups‘ mission to empower talented and ambitious early-stage tech startup founders and help them thrive in the region’s rapidly changing entrepreneurship landscape powered by the Egyptian Ministry of International Cooperation and it’s venture capital arm, Egypt Ventures.”

East African women’s health tech startup secures $1-millionNew partnership to expand e-logistics technology solutions across Africa

Featured image: freestocks via Unsplash 

Source: https://ventureburn.com/2020/11/ibnsina-pharma-secures-75-stake-in-online-marketplace-3elagi-tech/

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Joburg healthtech startup secures undisclosed seven-figure funding –

Quro Medical has secured an undisclosed seven-figure USD amount of funding in a seed round led by Enza Capital and Mohau Equity Partners.

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Quro Medical, a South African health tech startup that has created Africa’s first technology-driven hospital at home offering, has secured an undisclosed seven-figure USD amount of funding in a seed round led by Enza Capital and Mohau Equity Partners.

Quro Medical is a South African health tech startup that has created Africa’s first technology-driven hospital at home offering

According to the healthtech startup, the funding will be used to accelerate the growth of the businesses.

Mike Mompi, Partner at Enza Capital attributes the investment made into the healthtech startup to its unique offering that goes beyond traditional telemedicine and in-hospital treatment.

“As our collective healthcare systems struggle to care for patients beyond the walls of a hospital, which we’ve seen exacerbated with the onset of the Covid-19 pandemic, remote patient monitoring, and healthcare delivery will undoubtedly form a core part of the lasting solution. Vuyane, Zikho, and the exceptional Quro Medical team are redefining how world-class healthcare is delivered across Africa.”

Quro Medical

Founded in 2018, Quro Medical is a healthtech startup that aims to provide affordable and high-quality healthcare solutions to South Africans.

With a focus on a digital-first approach, the healthtech startup is currently building Africa’s largest virtual hospital ward with a focus on providing premier healthcare at a lower cost.

Quro Medical claims that its platform reduces the cost of healthcare delivery by utilising real-time and data-driven clinical interventions as opposed to traditional healthcare approaches.

Dr. Vuyane Mhlomi, Quro Medical’s Co-Founder and Chief Executive Officer explains that the key drive behind its offering is the technology employed within the startup.

“We are focused on saving lives and enhancing patient care. The technology is the enabler, making all of this possible. This investment will enable us to accelerate our growth and meet the increased demand from our clients.”

Affordable healthcare at home

The global pandemic has placed severe strain on hospitals and Africa’s healthcare landscape, with excessive demand, limited bed capacity which in turn hinders patient treatment and recovery as the overall outcomes.

Zikho Pali, Quro Medical’s Co-Founder and Chief Operations Officer highlights that there has been a dire need for an innovative approach to the problems faced in treating acute patients in South Africa.

“The healthcare sector across the globe has experienced extreme pressure and strain caused by the COVID-19 pandemic and desperately needs digital solutions to ease many of the problems experienced in it.”

With this in mind, Quro Medical has reported that research has indicated that acute patient care at home has the ability to result in better clinical outcomes, lower costs, and an overall improved patient experience.

“Quro Medical’s affordable and accessible solution combines state-of-the-art hardware and software and clinical excellence to manage acutely ill patients in the comfort of their homes,” explains Quro Medical.

The healthtech startup enables effective homecare treatment by incorporating clinical data and remote healthcare monitoring tools to provide effective treatment to patients.

“Apart from the high and continuously escalating costs, traditional brick and mortar hospitalization carries with it the risk of hospital-acquired infections that can be resistant to antibiotics and have serious consequences for vulnerable patients,” adds Pali.

Read more: Innovative South African fintech secures funding
Read more: SA biomedical engineering startup receives funding

Featured image: Quro Medical team (Supplied)

Mike Mompi, Partner at Enza Capital attributes the investment made into the healthtech startup to its unique offering that goes beyond traditional telemedicine and in-hospital treatment.

Source: https://ventureburn.com/2021/04/joburg-healthtech-startup-secures-undisclosed-seven-figure-funding/

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Pan-African fintech Appzone secures $10-million 

Appzone has secured $10-million in a Series A round of funding led by CardinalStone Capital Advisers with participation from V8 Capital and others.

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Based in Lagos, Appzone, a Pan-African fintech software provider that creates proprietary solutions for Africa’s banking and payments industry, has secured $10-million in a Series A round of funding led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures.

Appzone secures $10-million in funding

Obi Emetarom, co-founder and CEO of Appzone comments on the funding raised.

“We’re excited not only to be securing a significant capital raise, but also welcoming on board some strategic investors whose support will be key to our growth journey. Today’s news allows us to scale Appzone’s products and services rapidly. For the last 12 years, we’ve worked in stealth mode, building the really complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions.”

The funding will be used towards Appzone’s core technologies and the expansion of the platform to promote the digitisation and automation of the delivery of financial services in Africa.

Emetarom adds that the funding will help the fintech to increase its team member size and range of employed experts to elevate the platform’s current offering.

“In terms of next steps, we are now looking to hire from Africa’s top 1% to grow our team of elite talent who have proven themselves to be true African builders; the brightest senior software engineers and domain experts, doing the incredibly hard work of building the backbone andnext-generationn infrastructure for digital financial services at a level beyond world-class. We are seeking out gifted and audacious engineering and entrepreneurial minds, hungry to accelerate economic prosperity and tackle challenging technology with us. We are not just trying to bring African fintech on-par with the rest of the world – we exist to make our financial sector the most innovative and technologically advanced on the globe through solutions built for Africa by Africans.”

Appzone

Founded and launched in 2008, Appzone provides products for digital core banking and interbank transaction processing with clients across multiple African countries.

Appzone claims to have served 18 commercial banks and over 450 microfinance banks and amassing a yearly transaction value and yearly loan disbursement of $2-billion and $300-million.

The products designed by Appzone assist African banks in addressing several challenges such as legacy cost structures and lack of operational efficiency. As there is a lack of African-based solutions, Appzone has created a solution catering to African banks, mitigating the blocks existing with African banks opting for foreign technology solutions.

With a track record of excellence in the fintech space, in 2008 Appzone obtained official approval from the Bank of Nigeria to operate as a Payment Solution Service Provider (PSSP).

Yomi Jemibewon, Co-Founder and Managing Director of Cardinal Stone Capital Advisers provides closing remarks on why the VC invested into Appzone.

“Our investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology. Appzone is building a disruptive FinTech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and Software as a Service. The impact of Appzone’s work is multifold – the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best in class employment opportunities.”

Read more: Kenyan fintech tech startup secures funding to regionally expand
Read more: Ghana healthtech secures $1.5-million in funding

Featured image: Founders of Appzone (Supplied)

Source: https://ventureburn.com/2021/04/pan-african-fintech-appzone-secures-10-million/

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Algebra Ventures launches $90-million fund to invest in startups –

Algebra Ventures has announced the launch of its second fund worth $90-million. The fund is dedicated to investing in startups in Egypt and the MEA region.

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Cairo-based venture capital firm Algebra Ventures has announced the launch of its second fund worth $90-million. The fund is dedicated to investing in startups in Egypt and the MEA region.

The VC is reportedly targeting its first closing in the third quarter of 2021 and the fund is focused on investing in the following sectors; fintech, logistics, healthtech, and agritech.

Algebra Ventures has launched a second fund worth $90-million

Karim Hussein, Managing Partner at Algebra Ventures explains that there is untapped potential in the tech startup space in Egypt and that the VC aims to support its growth with the new fund.

“Having built a couple of successful technology companies in the US, I see tremendous opportunities for tech transformation in the Egyptian economy and continue to meet exceptional entrepreneurs who address these challenges. I am also encouraged by the significant steps taken by the government to facilitate the growth of tech-enabled businesses in Egypt.”

Algebra Ventures

Founded in 2016, Algebra Ventures is focused on investing in entrepreneurs and startups in the tech space that are driving transformation in Egypt and the MEA region.

According to the Egypt-based VC, it has invested in 21 startups since its launch and its portfolio of Series A investments is the largest in the country. As a result of its investments, Algebra Ventures claims that it has, directly and indirectly, assisted in creating over 20 000 jobs.

Tarek Assaad, Managing Partner at Algebra Ventures comments on the rapid growth in the tech space in Egypt.

“I am grateful for the LPs of fund I, specifically EAEF, EBRD, and IFC who supported us back when there was no venture capital to speak of in Egypt. Over the ten years, I have worked in venture capital, I have witnessed the evolution of the tech entrepreneurship ecosystem in Egypt which has grown steadily over that period and exponentially in the past three years – vastly exceeding our expectations. Growth rates, capital deployed, sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward.”

Read more: SA asset manager secures funding towards Renewable Energy and Infrastructure Fund
Read more: Uganda fintech secures $3.6-million in funding

Featured image: Tarek Assaad, Managing Partner at Algebra Ventures (Supplied).

Source: https://ventureburn.com/2021/04/algebra-ventures-launches-90-million-fund-to-invest-in-startups/

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