Buymed, the Singapore-headquartered, leading B2B platform for pharmaceutical and care products, announced that it has raised a USD 51.5m Series B fundraising round.
UOB Venture Management (UOBVM) led the round alongside the United States International Development Finance Corporation (DFC). Smilegate Investment and Cocoon Capital also joined the round as returning investors.
Founded in 2018, Buymed’s mission is to “build health ecosystems no one else has dared to build”. The pharmaceutical and care products distribution market throughout Southeast Asia is estimated to reach USD 73bn by 2024 and yet, it is still highly fragmented. Having been in the forefront of the digital transformation, Buymed provides a comprehensive B2B e-commerce platform that connects pharmacies, clinics, and hospitals with pharmaceutical suppliers. This streamlines the procurement process while ensuring high-quality products and competitive prices for healthcare providers.
“We are thankful for the trust and support from UOBVM, DFC, and our existing investors, as we continue our mission to revolutionise access to essential medicines in Southeast Asia. This investment will enable us to enhance our platforms & infrastructure, expand services, and ultimately improve the lives of millions through reliable and affordable methods of distributing medicines and care services. Together, we are forging a healthier future for Southeast Asia”, said Hoang Nguyen, CEO and co-founder of Buymed.
The founding team consisting of Hoang Nguyen, Peter Nguyen, and Vu Vuong brings extensive knowledge and experience from the healthcare industry including from leading pharmaceutical firms and healthcare consultancies like Bayer, Merck, YCP Solidiance, and Boston Pharma. Under their leadership, Buymed has achieved robust growth and strong financial results in the Vietnam market with over 20,000 monthly active customers and nationwide logistics coverage throughout all 63 provinces.
“With its in-house technology infrastructure and strong management team, Buymed will be able to effectively address pain-points in the fragmented market for pharmaceutical and care products in Vietnam. Amongst technology-enabled distributors, Buymed stands out for its diverse product assortment covering one of the largest network of pharmacies, clinics and hospitals nationwide. We believe that Buymed’s platform will benefit the local population to give them better access to medicine and pharmaceutical care, especially for suburban and rural parts of country. This aligns with UOBVM’s continued commitment and strategic interest in Vietnam, as we make meaningful and accretive investments in emerging countries in Southeast Asia”, said Seah Kian Wee, CEO UOB Venture Management.
DFC is the US government’s development financing arm with the mission of financing innovative solutions to drive economic growth, create stability, and improve livelihoods in developing countries. “DFC’s investment in Buymed demonstrates our support for innovative, private sector-led solutions that strengthen health systems in Vietnam. Our investment will support Buymed to expand pharmacies, clinics, and hospitals’ access to pharmaceutical products in rural areas and increase transparency and compliance within the healthcare industry in Vietnam”, said Agnes Dasewicz, Chief Operating Officer at DFC.
Buymed will continue to further develop in-house technology and infrastructure to broaden the coverage in Vietnam and enhance experience to customers, who are mainly traditional pharmacies in rural and remote areas, by bringing more efficient and optimised services. This will contribute significantly to the digital transformation of pharmaceutical and medical supply chains in Vietnam and accelerate digitisation of the overall healthcare sector, which aligns with the Ministry of Health’s objectives and policies. Besides the current presence in Vietnam and Cambodia, the company plans to further expand in Southeast Asia and aims at developing an integrated e-health ecosystem providing superior healthcare service to end users.