i’SUPPLY, a digital B2B multi-seller marketplace for the pharmaceutical industry, has successfully acquired US$1.5 million in its pre-Seed fundraising round. The money will be used to connect pharmaceutical companies with small and medium wholesalers and pharmacies for financing.
Disruptech Ventures led the pre-Seed round, which included participation from other investors.
Ibrahim Emam, the Chief executive officer of isupply, said With its first launch at the end of 2021, i’SUPPLY wants to change the way medicines are sold wholesale in the MENA region and Africa by helping and empowering mid- and small-sized wholesalers and pharmacies,
i’SUPPLY has big plans for how it will use the money. One of them is to grow its business not only across the country but also into other countries in the Middle East and Africa.
i’SUPPLY has had a lot of success and increased in just four months since it started. It has reached US$2 million in gross merchandise volume (GMV), delivered at least 50,000 sales orders from at least 100 wholesalers covering at least 10,000 stock-keeping units (SKUs), and signed up 5,000 pharmacies in Greater Cairo.
These accomplishments show that we know the market well and have a lot of experience and skills in the pharmaceutical distribution sector. Also, i’SUPPLY’s strategic focus aligns with Egypt’s overall move toward digital transformation strategies.
According to a report by PWC called “The Potential Impact of AI in the Middle,” Egypt plans to get 7.7% of its GDP from artificial intelligence by 2030. i’SUPPLY wants to spend 7.7% of its GDP on something.
We at Disruptech are excited to be a part of iSupply’s journey. We always stand by and support strong founders like Ibrahim and the rest of iSupply’s founding team. We think that Ibrahim and his team will shake up the industry in a good way.” Malek Sultan, Disruptech’s Co-Founder & Partner, said.
Ibrahim Emam, Malek Sultan, and Moustafa Zaki started i’SUPPLY in 2021. Its goal is to re-engineer the pharmaceutical industry using technology at every supply chain step.
The technology behind i’SUPPLY was made with all of the stakeholders in mind. The goal was to give each of them a more streamlined experience using complex artificial intelligence algorithms.
Over the next year, i’SUPPLY plans to cover all of Egypt, focusing on the country’s 60K pharmacies. SUPPLY also plans to start providing distribution and financing services soon.
i’SUPPLY is also getting ready to expand into Africa, the Middle East, and the North African (MENA) region.