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Vietnamese e-pharmacy Medigo raises $1 mn to branch into telemedicine

Medigo funding-IFM-image
The funds were raised from venture capital firm Touchstone Partners

Vietnam-based e-pharmacy startup Medigo has raised around $1 million in a fresh funding round to branch into telemedicine and other healthcare services, media reports said. The funds were raised from venture capital firm Touchstone Partners.

Since its inception in 2019, Medigo has partnered with over 200 medical institutions in Ho Chi Minh City, Hanoi, and Da Nang. According to the company, it saw its gross merchandise value (GMV) increase 8x in the last six months. It currently has over 200,000 users on its platform.

Last month, another Vietnam-based e-pharmacy startup BuyMed also raised around $9 million in its Series A funding round. The funding round was led by Korean venture capital fund Smilegate Investment and saw0 participation from B Capital Group. Existing investors such as Cocoon Capital, Genesia Ventures, Sequoia Capital India’s Surge programme and Nextrans also participated.

The funds will be used by BuyMed to grow its distribution network in both Vietnam and other parts of Southeast Asia. Headquartered in Ho Chi Minh City, the startup expanded to Hanoi earlier this year by establishing a new distribution system. This will allow the startup to deliver its products across 63 provinces in Vietnam. According to BuyMed, it currently processes about 30,000 orders per month and supplies more than 16,000 pharmacies in Vietnam.

Recently, it was reported that China will give additional three more million doses of Covid-19 vaccine to Vietnam by the end of this year. This raises China’s total vaccine donations towards Vietnam to 5.7 million doses.

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