Egyptian Ibnsina Pharma has acquired a majority stake in health-tech startup, 3elagi.
This partial acquisition comes as a strategic move for the founders to merge forces with the leading pharmaceutical distributor in a very competitive market.
This transaction was announced in today’s EGX disclosure by the publicly traded Pharma company.
A portfolio company and graduate of Falak Startups, one of the region’s leading tech accelerators, 3elagi recorded excellent performance amidst the start of the global pandemic, acquiring substantial market share and partnering up with international names such as Roche.
The remaining equity of the business continues to be held by the founders and a small minority held by Falak Startups, who will remain onboard stressing on their continuous commitment.
“We’re happy to have been part of 3elagi’s mission from ideation to growth. Falak’s mission is to empower the youth and tech scene in Egypt and act as a catalyst for the rapid growth of these startups to attract the private sector to invest in these companies and take them either further. We believe this’s just the start of many more partnerships and future acquisitions”, Managing Director of Falak Startups Yousef Elsammaa elaborates.
“3elagi has ben striving to give patients access to medication from the comfort of their home, we also helped create hundreds of jobs in logistics and create loyalty for the average neighborhood pharmacies across governorates” says 3elagi co-founder and CCO Haitham Ibrahim.
3elagi currently has 600,000 users and plans to use the capital increase to expand its user base, as well as the number of registered pharmacies in its network.
Ibn Sina Pharma invested EGP 22 million in 2020 in internal digital projects and it plans to invest EGP 16 million in 2021.
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