There are things few and far between, that cannot be ordered online. From groceries to appliances to even islands, you can buy almost anything. However, during the times of COVID-19, it wouldn’t be surprising if online sales of pharmaceutical products spiked. Procuring medicine online and getting it delivered home without waiting in line or risking going out now seems to be the future of pharmacy, and the latest investment in Kiev-based Liki24 reaffirms the same.
Liki24 to expand its operations in Poland
In its latest round of funding, Liki24 raised a notable €4.21 million from Horizon Capital and existing investors. This is the third funding round for the company, after which, the total funding raised till now stands at €5.05 million. With fresh funding, the startup will expand its operations in Poland, its first international market.
“Our business model proved to be successful in Ukraine, helping customers access more affordable medicines and convenient delivery,” says Anton Avrinsky, CEO and founder of Liki24. “This capital raise will enable us to expand our team as well as extend our winning model to the Polish market and finance further international expansion at a time when safe and rapid delivery of medication is critical to the wellbeing of society. Our mission is to help our clients source medicines and receive them faster, at cheaper prices, and with greater convenience.”
Aggregating offers from thousands of pharmacies
Liki24 was founded by Anton Avrinsky and launched back in late 2017. In three years of operation in its home country of Ukraine, the company has aggregated offers from thousands of pharmacies on its online platform. It addresses the three main pain points: price variation, limited availability, and lack of home delivery. After connecting over 5,000 pharmacies, and completing over 500,000 orders, the company is now expanding its operations internationally.
The online medicine delivery platform is powered by a proprietary software system that integrates with a pharmacy’s ERPs. This results in instant analysis of medicine prices and availability, drawing up optimal routes for couriers and enabling rapid delivery to customers at affordable prices. Liki24 also played a crucial role during the coronavirus lockdown. It partnered with local logistics operators to offer free medicine delivery during the quarantine.
Lenna Koszarny, Founding Partner and CEO at Horizon Capital, says, “Horizon Capital is delighted to partner with Liki24 talented founders and join the Company’s impressive existing investor base. We look forward to contributing to the Company’s continued growth in the years ahead. Liki24 has an attractive mix of elements crucial for success, including strong founders with a bold vision, drive and demonstrated execution-ability, backed by a highly professional management team. Our investment in Lik24 is consistent with our focus on visionary founders with a clear expansion strategy who seek out a partnership with Horizon Capital to reach new heights.”
Image credits: Liki24