Introduction

Egyptian healthtech firm, i’SUPPLY, has announced the successful closure of a pre-Series A funding round aimed at accelerating its growth and expansion plans. The capital raised will support the company’s initiatives to enhance its operations, develop its financial services for small and medium-sized pharmacies, and upgrade its fintech solutions and technological infrastructure.

Funding Details and Investors

While the exact amount of the investment remains undisclosed, the funding round was led by Disruptech Ventures and included contributions from OneStop Capital, Axian Investment CVC, and Egypt Ventures, among others. This round comes two years after i’SUPPLY raised $1.5 million in a pre-seed investment, also led by Disruptech Ventures.

Strategic Growth and Regulatory Plans

CEO and Co-Founder of i’SUPPLY, Ibrahim Emam, highlighted that the new funds would significantly boost the company’s strategic growth, particularly in supporting small and medium-sized pharmacies throughout Egypt. Emam also revealed plans to secure a formal license from the Egyptian Financial Regulatory Authority to better meet the financing needs of these pharmacies.

Addressing Market Needs

Emam emphasized i’SUPPLY’s commitment to tackling the financial challenges faced by pharmacies and small-scale distributors, specifically focusing on working capital constraints. This dedication aligns with the company’s mission to provide essential financial support within the Egyptian market.

Malek Sultan, Co-Founder and Partner at Disruptech Ventures, underscored the importance of financial support for pharmacies, recognizing it as a crucial service in high demand across Egypt.

Company Background and Mission

Founded in 2022 by Ibrahim Emam, Malek Sultan, and Moustafa Zaki, i’SUPPLY aims to revolutionize the pharmaceutical sector through digital innovation. The company provides an integrated platform designed to streamline the pharmaceutical supply chain, allowing stakeholders to efficiently manage supply and demand transactions and predict potential disruptions.

Operational Achievements

Since its inception, i’SUPPLY has gained significant traction in Egypt’s pharmaceutical market. The company has processed over one million purchase orders and achieved an annual transaction volume of EGP 1 billion (approximately $20.9 million). Serving over 10,000 pharmacies and collaborating with more than 200 distribution companies, i’SUPPLY offers access to a comprehensive range of over 10,000 pharmaceutical products.

On June 7, 2024, the Egypt Health Care Authority announced plans to modernize and digitize healthcare services and revenue cycle management across the sector. This initiative presents opportunities for i’SUPPLY to contribute to the digital transformation of healthcare in Egypt.

Market Outlook

The Egyptian pharmaceutical industry is projected to generate $1.45 million in revenue in 2024, with a compound annual growth rate (CAGR) of 7.68% from 2024 to 2028, potentially reaching $1,948 million by the end of this period. Additionally, the digital health market in Egypt is expected to grow from $0.59 billion in 2022 to $2.56 billion by 2030, representing a CAGR of 20.1%.

Future Prospects

The growth of the digital health market indicates a rising adoption of digital technologies in healthcare, driven by the need for efficiency, improved patient outcomes, and cost optimization. For i’SUPPLY, operating at the intersection of healthtech and fintech, this expanding market presents substantial opportunities. By focusing on digitizing the pharmaceutical supply chain, i’SUPPLY is well-positioned to play a pivotal role in shaping the future of healthcare services in Egypt, enhancing access to medical supplies and pharmaceuticals.