MedEasy, one of the leading players in the online pharmacy sector in Dhaka, announced today that it has raised $750,000 in a seed funding round. The investors in the round include Seedstars International Ventures, Doha Tech Angels, Startup Bangladesh Limited, Accelerating Asia, and nVentures, along with participation from several angel investors.
MedEasy aims to streamline the healthcare journey for the 30 million chronic patients in Bangladesh. Started about two years ago, the company claims to have gained the trust of over 150,000 users.
In Bangladesh, the healthcare landscape is underserved and ripe for disruption. Over 30 million individuals live with chronic health conditions, a number that represents a sizable portion of the country's population. With around 70% of healthcare costs paid out-of-pocket, and 64% of that directed towards medications, there's a glaring gap in the market for affordable and accessible healthcare solutions. MedEasy, stepping into this $3 billion market, offers a digital lifeline, making authentic medicines and consultations more accessible to those who need them most.
"Our vision has always been to bridge the gap between quality healthcare and those who need it the most. This funding is a validation of our efforts and will enable us to scale our services and reach even more individuals in need. We are excited to have both international and local investors joining this round. Their investment and support will help us accelerate our growth and improve customer experience.”, said Arefin Zaman, the Co-founder & CEO of MedEasy.
MedEasy's proprietary inventory management system and decentralized distribution network set it apart, reducing delivery times by 4x when compared to competitors. These optimizations, among others, have led to an 80% customer retention rate.
Funds raised will be strategically allocated to bolster customer acquisition, refine operations, and enhance the platform's features, ensuring an enriched user experience. A chunk of the investment will also be used to fuel MedEasy's R&D endeavors.
Patricia Sosrodjojo, General Partner at Seedstars International Ventures, sees great promise in MedEasy's approach. "MedEasy's nuanced understanding of Bangladesh's unique challenges caught our attention. They aren't just digitizing processes; they're reshaping healthcare experiences for a demographic often overlooked. The chronic patient segment in Bangladesh has specific needs, and MedEasy's data-driven approach to addressing these complexities is what differentiates them from many in the space." she stated.
“Startup Bangladesh aims to support homegrown startups to grow and reach heights that generate higher standards for more foreign Investment. We believe that MedEasy provides a solution that the Bangladesh market greatly needs. With the right strategy and focus, MedEasy should be able to make remarkable impact in the lives of the people of Bangladesh,” said Sami Ahmed, Managing Director, Startup Bangladesh Limited.
MedEasy's future trajectory includes significant growth in its customer base, the launch of a subscription-based feature, a digital vital monitoring system, and an appointment-booking marketplace.