Vietnam-based Business to Business (B2B) pharmaceutical startup BuyMed has raised USD 2.5 million in its pre-Series A funding. Currently serving over 7,000 healthcare providers across Vietnam and also following the growing trend in HealthTech and BioTech, BuyMed plans to add new product lines to produce cosmetics, medical devices, supplements, and medical services. This will be able to position the company as a one-stop marketplace for healthcare practices in emerging Southeast Asian markets, where many suppliers and others will see this opportunity in working with them. The current pandemic also allows BuyMed expand it’s platform digitally for their partners to be able to sell those products online (promoting contact-less payments). Additionally, BuyMed is encouraging their staff working in the warehouse to take preventative measures in doing extensive office and warehouse sensitization.
The funding round was led by Sequoia Capital India and Genesia Ventures. Also participating in the round was returning investor Cocoon Capital.
Founded in 2018, BuyMed operates the pharmaceutical marketplace Thuocsi.vn, which was co-founded by CEO Hoang Nguyen, who was nominated by Forbes Asia 30 under 30. The platform is working to streamline the market by connecting its customers to verified suppliers, whilst improving safety and minimising the risk of medications landing in unofficial distribution channels.