1000Farmacie Secures $25 Million in Series A Funding, with an Additional $10 Million in Second Tranche Extension
PRESS RELEASE | Milan, Italy | 27 July 2023 - 1000Farmacie, the leading Italian pharmacy marketplace, announced today the successful completion of its second tranche of Series A funding, raising a total of $25 million.
The company secured an additional $10 million in the extension round, highlighting investor confidence and further accelerating the company's mission to revolutionize the pharmaceutical industry.
Prominent investors such as GG 1978, P101, with its funds P102 and ITA 500 – Azimut, HBM Healthcare Investments, LIFTT, IAG, Club degli Investitori, Healthware Ventures and Feel Venture enthusiastically participated in the funding round, underscoring their belief in 1000Farmacie's disruptive vision and potential for growth.
Founded by Nicolo Petrone (CEO), Mohamed Younes (COO) and Alberto Marchetti (CMO) in 2020, 1000Farmacie has now over 500,000 active clients and annualised sales of over 55M USD becoming one of the key industry players.
A key focus of 1000Farmacie's expansion strategy is the Italian prescription (RX) market, particularly the provision of an innovative home delivery service tailored to chronic patients. By leveraging cutting-edge technology, the company aims to enhance accessibility, convenience, and patient care in the sector.
"With this second tranche of Series A funding, 1000Farmacie is well-positioned to revolutionize the way pharmaceutical services are delivered in Italy," said Nicolo Petrone. "We are committed to leveraging our innovative home delivery service to empower chronic patients with convenient access to their prescriptions, thereby enhancing their overall quality of life."
1000Farmacie's innovative approach has already garnered recognition within the industry, with notable partnerships and collaborations on the horizon. The company remains committed to forging strategic alliances to enhance its service offering and accelerate its growth trajectory and path to profitability.