1000Farmacie, a portfolio company of Healthware Ventures, raises $25 million in Series A round, with an additional $10 million in tranche extension
We are happy to share that our portfolio startup 1000Farmacie has closed a $25 million Series A round. An additional $10 million raised as part of the extended round, underscoring investor confidence in the company.
According to Research and Markets, the global e-pharmacy market is valued at $1.04 billion in 2023, and with a growth rate of 10.01 percent, it is expected to reach $2.04 billion by 2030. Italy is also experiencing growth in this category, with online turnover of more than 402 million euros in the first half of 2023, as documented in the latest IQVIA report.
Within this rapidly evolving scenario ,1000Farmacie, founded in 2020 by Nicolo Petrone (CEO), Mohamed Younes (COO) and Alberto Marchetti (CMO), has garnered over 500,000 active customers and annualized sales of more than $50 million, thus establishing itself as a major player in the industry.Thanks to the new round, the startup will set out an expansion strategy in the prescription (RX) market, with a particular focus on the provision of an innovative home delivery service dedicated to chronic patients. Through the new technology platform, patients will be able to book prescriptions online by locating nearby pharmacies via geolocation. Leveraging cutting-edge technologies, the company aims to improve accessibility, convenience and therapeutic adherence for chronic patients.
We at Healthware Ventures, the corporate VC of Healthware Group, believed in the 1000Farmacie team since the very beginning, and we have reaffirmed our support by participating in this new round of financing together with other notable investors such as GG 1978, P101, with P102 and ITA 500 funds-Azimut, HBM Healthcare Investments, LIFTT, IAG, Club degli Investitori, and Feel Venture.
“We are very excited to continue supporting the growth of 1000Farmacie, which contribute to the digitalization of the Italian pharma industry by offering an integrated health experience to patients. Our mission is precisely to invest in and support high-potential startups, such as 1000Farmacie or the Paginemediche telemedicine platform, that can respond to the needs of patients and caregivers in a substantial way," states Roberto Ascione, CEO of Healthware Group and President of Healthware Ventures.
Read the official press release here.