BuyMed, the operator of the Thuocsi.vn pharmaceutical distribution marketplace, has secured $8.8 million in series B funding led by South Korea’s Smilegate Investment along with Nextrans and Cocoon Capital.
|Thuocsi.vn has mobilised almost $13 million so far |
BuyMed is a Vietnamese medical startup that seeks to tackle counterfeit drug issues. The company operates Thuocsi.vn and aims to simplify the pharmaceutical distribution system in Vietnam and the rest of Southeast Asia.
The platform works by verifying suppliers and reducing the risk of medications entering the grey market. Since initial feedback on Thuocsi.vn have been positive, BuyMed plans to add new product lines including medical devices, supplements, and medical services to become a "one-stop shop" for all users' healthcare needs.
Nguyen Hoang, co-founder and CEO of Thuocsi.vn told VIR that the fresh funds will be used to consolidate and enhance its B2B e-commerce and expand healthcare services with a view to expand its reach to the regional market.
Thuocsi.vn has now raised a total of $12.8 million combined with the latest round. In 2020, it bagged $2.5 million in a pre-Series A investment headed by Sequoia Capital India’s Surge and Genesia Ventures.
Currently, the startup has an extended network of 700 verified suppliers, distributors, and manufacturers, serving over 7,000 healthcare providers. Thuocsi.vn and BuyMed have both seen significant growth as a result of COVID-19.