Online pharmacy start-up, Agzakhana , closed venture capital Round-A investment with Vodafone Ventures Egypt, which acquired 22.22% of shares in the business, according to a Tuesday press release from the company.
Manager of Vodafone Xone Egypt and manager of potential Egyptian start-up companies, Mohammed Al-Ayouti has been “working closely with the startup,” eyeing possible potential in the business, said the release.
The company said “innovative healthcare applications and revenue streams” would be replicated across Vodafone’s operating markets as a result of the cooperation between the two parties.
The startup, which aims to solve logistical ordering problems, acts as an intermediary between retail pharmacies and consumers who purchase health and beauty products. The business uses innovative stock tracking technology which offers pharmacies advanced products, according to the release.
The young company now has over 30,000 registered clients in addition to some 10,000 unregistered ones. Customers place their orders via e-mail through a chat window and around 80% of the clients prefer payment on delivery.
Pharmacist Ahmed Shabana, 27, founded Agzakhana in 2008 with the assistance and consultancy expertise of his brother.
Shabana said that he considers the Vodafone venture an “achievement in light of the political tension and violence the country is witnessing,” said the release.
Following the January 25th Revolution, Agzakhana launched a mobile commerce application in the MENA region: a mobile pharmacy and ordering application that checks drug interactions with over 60,000 products.
The application collects medical content in Arabic and works to improving the level of medical awareness of millions of Egyptians who have limited healthcare access and facilities, especially in rural areas, said the company.
After reaching an annual sales turnover of EGP 1m, Shabana sought to expand operations in terms of locations nationally and regionally, order capacity and exports by raising venture capital.
Shabana has lead Trice Imaging Inc., a mobile healthcare and imaging start-up in San Diego, and plans to expand the business and takeover markets in Egypt, Saudi Arabia and the United Arab Emirates.
Additional reporting from Al-Borsa