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FC Deals | May 2023
Favour Capital advises Buymed on US$51.5 million Series B round
Singapore and Ho Chi Minh City, May 5, 2023 - Buymed, a Singapore-headquartered leading tech-enabled platform for pharmaceutical and care products distribution in Vietnam and Southeast Asia, said today that it has raised US$51.5 million in a Series B fundraising round.
UOB Venture Management (UOBVM) led the financing round along with new participation from the United States International Development Finance Corporation (DFC). Smilegate Investment and Cocoon Capital also joined the round as returning investors.
Favour Capital served as the round's exclusive financial advisor.
The pharmaceutical and care products distribution market throughout Southeast Asia is estimated to reach US$ 73 billion by 2024 yet it is still highly fragmented. Having been at the forefront of digital transformation, Buymed provides a comprehensive B2B e-commerce platform that connects pharmacies, clinics, and hospitals with pharmaceutical suppliers, which 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 existing investors, as we continue our mission to revolutionize 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.
UOB Venture Management (UOBVM) led the financing round along with new participation from the United States International Development Finance Corporation (DFC). Smilegate Investment and Cocoon Capital also joined the round as returning investors.
Favour Capital served as the round's exclusive financial advisor.
The pharmaceutical and care products distribution market throughout Southeast Asia is estimated to reach US$ 73 billion by 2024 yet it is still highly fragmented. Having been at the forefront of digital transformation, Buymed provides a comprehensive B2B e-commerce platform that connects pharmacies, clinics, and hospitals with pharmaceutical suppliers, which 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 existing investors, as we continue our mission to revolutionize 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 Hoang Nguyen, Peter Nguyen, and Vu Vuong bring extensive knowledge and experience in the healthcare industry, including leading pharmaceutical firms and healthcare consultancy: Bayer, Merck, YCP Solidiance, and Boston Pharma. Under their leadership, Buymed has achieved robust growth and successful results in the Vietnam market with over 20,000 monthly active customers and nationwide 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 development finance institution of the U.S government 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.
"It is our great honor to work alongside Buymed for this round of fundraising. Under the leadership of the experienced management team, Buymed has notably achieved the leading position in the pharmaceutical and care products distribution market in Vietnam. We strongly believe in Buymed’s direction in defragmenting the huge market of Southeast Asia and developing an end-to-end healthcare ecosystem not only for pharmaceutical and care products providers but also end users.” said Eric Fang, Founding Partner of Favour Capital.
Buymed will continue to further develop in-house technology and infrastructure to broaden the coverage in Vietnam and enhance the experience for customers who are mainly traditional pharmacies in rural and remote areas by bringing more efficient and optimized services. This will contribute significantly to the digital transformation of pharmaceutical and medical supply chains in Vietnam and, as a broader view, accelerate digitization 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.
“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 development finance institution of the U.S government 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.
"It is our great honor to work alongside Buymed for this round of fundraising. Under the leadership of the experienced management team, Buymed has notably achieved the leading position in the pharmaceutical and care products distribution market in Vietnam. We strongly believe in Buymed’s direction in defragmenting the huge market of Southeast Asia and developing an end-to-end healthcare ecosystem not only for pharmaceutical and care products providers but also end users.” said Eric Fang, Founding Partner of Favour Capital.
Buymed will continue to further develop in-house technology and infrastructure to broaden the coverage in Vietnam and enhance the experience for customers who are mainly traditional pharmacies in rural and remote areas by bringing more efficient and optimized services. This will contribute significantly to the digital transformation of pharmaceutical and medical supply chains in Vietnam and, as a broader view, accelerate digitization 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.
Article adapted from: https://www.techinasia.com/uob-leads-us515m-buymed-expand-health-services