BuyMed, a Vietnamese online pharmaceutical marketplace raises US $8.8 million in a new funding round

Vietnam-based startup BuyMed has raised US$8.8 million in a new funding round led by Smilegate Investment, a South Korean venture capital and private equity firm. The funding round also saw participation from other investors such as Cocoon Capital and Nextrans.

BuyMed is popularly known as Thuocsi in Vietnam. The startup is a business-to-business (B2B) healthcare and personal care distribution platform that was launched in 2018. It connects licensed distributors with clinics, pharmacies, and small drugstores.

BuyMed offers end-to-end logistics and automatic matching of orders to make the process of supplying pharmaceutical products in the country more efficient while leveraging technology. The startup aims not only to develop the health system in the country but also remodel the traditional distribution channels.

With this new funding round, Thucosi has bagged US$12.8 million funding in total. Last year, the startup secured US$2.5 million funding in a pre-series A round led by Genesia Ventures and Sequoia Capital India’s Surge.

Thucosi claims to run two distribution centres in Hanoi, and Ho Chi Minh City enabling it to deliver its pharmaceutical products across 63 cities and provinces. BuyMed presently processes approximately 30,000 orders per month and has shipped pharmaceuticals and supplies to more than 13000 pharmacies across the country.

BuyMed has now opened a new delivery hub in a province which is approximately 30 km outside of Ho Chi Minh City called Dong Nai to manage orders from the southern province of the country. Ho Chi Minh City is presently grappling with the fourth outbreak of Covid-19.

About Thucosi

Thuocsi.vn is one of the successful startups in the field of medical technology in Vietnam founded by Peter Nguyen, Hoang Nguyen, Vu Vuong, who are experienced in the healthcare and management space.

Hoan Ngyuen is also a co-founder of an on-demand platform in the US called Dentalaborate that helps dentists create crowns in just an hour.