Online pharmacy platform SwipeRx has received $10 million in additional Series B funding from marquee investors, including Sanofi’s Global Health Unit and Cercano Management. The round was also joined by its existing investors, SIG, Johnson & Johnson, and Patamar Capital.
The company, which has a network of over 250,00 pharmacy professionals and 50,000 pharmacies, initially raised $27 million in Series B funding in May last year.
WHAT IT’S FOR
SwipeRx, which is headquartered in Singapore, will use its latest funds to invest in specialised healthcare logistics and financing, expand its platform and pharmacy network in key markets, and build up its advanced data teams. The company is also operating in Indonesia, the Philippines, Vietnam, Malaysia, Thailand and Cambodia
Other budding Southeast Asian online pharmacies have attracted investments in recent years. In August, Indonesia-based Lifepack raised $7M in Series A funding to expand its pharmacy warehouses across the country. Medigo in Vietnam also bagged $1 million in investment in 2021 for the expansion of its service offerings, including telemedicine.
Outside the region, Truemeds from India also recently secured $22 million in Series B investment for its local expansion while Pakistan-based Dawaai received $8.5 million in investment two years ago to build its supply chain infrastructure in the country.