UOB leads $51.5m round of Vietnam’s Buymed

Photo credit: Buymed

Although the market for pharmaceutical and care products distribution in Southeast Asia is projected to reach US$73 billion by 2024, it remains highly fragmented, said Vietnam’s Buymed.

Headquartered in Singapore, the startup operates a B2B ecommerce website that connects pharmaceutical manufacturers, distributors, and clinics. It simplifies the procurement process and guarantees high-quality products and competitive prices for healthcare providers.

Buymed (known as Thuocsi in Vietnam) has recently raised US$51.5 million in a new funding round from major regional investors.

Funding details

• Funding amount: US$51,500,000
• Lead investor: UOB Venture Management
• Other investors: US International Development Finance Corporation (DFC), Smilegate Investment, Cocoon Capital
• Stage: Series B

The company said in a statement that it wants to build “health ecosystems no one else has dared to build.”

The fresh money will go toward enhancing the firm’s platforms and infrastructure, expanding its services, and providing affordable distribution methods for medicine and care services.

Buymed said it has about 20,000 monthly active customers and covers 63 provinces in Vietnam, which is the company’s only market at the moment.

See also: Mapping Indonesia’s key healthtech players

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