Buymed raises $51.5mln in Series B round

Buymed, a leading Singapore-headquartered tech-enabled platform for the distribution of pharmaceutical and care products in Vietnam and Southeast Asia, announced on May 5 that it had raised $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, while Favour Capital served as the round’s exclusive financial advisor.

Mr. Hoang Nguyen, CEO and Co-founder of Buymed, said the investment will enable the company to enhance its platforms and infrastructure, expand services, and ultimately improve the lives of millions through reliable and affordable methods of distributing medicines and care services. “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,” he said.

According to Mr. Seah Kian Wee, CEO of UOB Venture Management, among technology-enabled distributors, Buymed stands out for its diverse product assortment covering one of the largest networks of pharmacies, clinics, and hospitals nationwide. “We believe that Buymed’s platform will benefit the local population and give them better access to medicine and pharmaceutical care, especially in suburban and rural areas,” he said. “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.”

“DFC’s investment in Buymed demonstrates our support for innovative, private sector-led solutions that strengthen health systems in Vietnam,” said Mr. Agnes Dasewicz, Chief Operating Officer at DFC. “Our investment will help Buymed expand access by pharmacies, clinics, and hospitals in rural areas to pharmaceutical products and increase transparency and compliance within Vietnam’s healthcare industry.”

Similarly, Mr. Eric Fang, Founding Partner of Favour Capital, noted that under the leadership of its experienced management team, Buymed has reached 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.” he said.

In addition, Buymed will continue to further develop in-house technology and infrastructure to broaden its coverage in Vietnam and enhance the experience for customers, who are mainly traditional pharmacies in rural and remote areas, by providing more efficient and optimized services. Besides its presence in Vietnam and Cambodia, the company plans to further expand in Southeast Asia and aims to develop an integrated e-health ecosystem providing superior healthcare service to end users.