MAYD (Meds At Your Doorstep), a Berlin-based online delivery startup for pharmacy products, announced that it has raised €30M in funding in a Series A round led by US investor Lightspeed Venture Partners. Existing investors like Target Global, 468 Capital, and Earlybird Venture Capital, also participated.
The latest funding brings the total raised by MAYD to €43M since October 2021. The company will use the funds to accelerate its German expansion with the service recently launched in Cologne and Düsseldorf.
The company is also eyeing a couple of European countries in the near future.
Co-founder and managing director Hanno Heintzenberg: “We are happy to welcome such a renowned investor as Lightspeed Venture Partners to MAYD. The Series A entry clearly underlines the potential of the European market, where we would like to grow further this year – in addition to our progressive expansion in Germany.”
MAYD: What you need to know
Founded by Lukas Pieczonka and Hanno Heintzenberg, MAYD delivers meds to customers’ doorstep in 30 minutes, free of charge, 365 days a year. There is no minimum order value and no delivery fee.
To do so, MAYD digitally connects local pharmacies with customers, enabling an easy way to shop. Additionally, the platform lets customers use the service to get advice from pharmacists by phone.
The German company is building Europe’s first telepharmacy platform, offering over 2,000 healthcare-related goods in a more convenient, more supportive, and more consultative way.
Right now, the service is operational in Berlin, Hamburg, Munich, Frankfurt am Main, Cologne, and Düsseldorf.
The company has over 100 employees and 350 permanently employed riders since its founding in April 2021.
“With MAYD, we have developed the first platform in Europe to enable instant delivery for medicines. Until the introduction of e-prescription, we will continuously develop the service for our customers and would like to further expand our leading position in the market. The financing round gives us a great opportunity to convince even more customers of MAYD’s service, initially through the promotion of the model across different cities in Germany,” says co-founder and managing director Lukas Pieczonka.
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating innovations and trends in the Enterprise, Consumer, and Health sectors. The company has backed hundreds of entrepreneurs and helped build more than 400 companies globally.
Paul Murphy, the partner at Lightspeed Venture Partners, says “The MAYD team convinced us early on with its concept and proved in Germany that the demand for a digital delivery platform around pharmacy products is tremendous. The US market has shown us by various examples that the potential goes far beyond the mere sale of pharmacy products, and we think the opportunity across Germany and the rest of Europe are even bigger. Last but not least, the team around the two founders Lukas and Hanno inspired us. We are looking forward to starting the next growth phase together with MAYD.”