Healthtech company MedznMore raises over $11.5m in investment

MedznMore, an online pharmacy, has raised around $11.5 million in Pakistan's largest healthcare fundraising round.

Integra Partners, Sturgeon Capital, and Nunc Gestion were among the investors in the pre-Series A round, according to the company's announcement.

MedznMore has about 800 employees and works in Karachi, Lahore, and Islamabad, providing drugs to pharmacies and retail customers.

MedznMore's CEO Asad Khan told Bloomberg that the company would be operating in seven new locations throughout the country by the end of the year. He went on to say that the money will be spent on warehouses, omnichannel stores, employees, and inventory in these additional cities."

Asad Khan went on to say that the Karachi-based firm raised $2.6 million in September 2020, which was the country's highest seed investment at the time, and that the company plans to raise a Series A round before the end of the year.

Asad Khan, Saad Khawar, and former investment banker Babar Lakhani created MedznMore in 2020 to provide Pakistanis with quick access to genuine drugs in a market.

It's worth noting that Pakistani startups raised more funds in 2021 than they had in the previous six years combined.