Vietnamese startup Buymed is striving to help small pharmacies compete against well-funded chain pharmacies. It connects local pharmacies to pharmaceutical manufacturers, distributors, and clinics via a B2B ecommerce marketplace.

According to Tech in Asia data, the startup has raised US$63.5 million across four rounds, valuing the company at around US$168.5 million. What’s more, the company raised this funding and got a valuation bump at a time when investors’ faith in tech startups has hit a new low.

The next step for Buymed will be linking these drugstores with other stakeholders across the healthcare system, such as clinics, hospitals, and insurance providers.