Vietnam private equity firm Mekong Capital has issued funding to pharmacy chain Pharmacity.
Pharmacity is now the eighth company to receive funding from Mekong’s latest financing round, following the firm’s investment in mattress producer Vua Nem last year.
With 186 outlets retailing both traditional Vietnamese and Western medicines, Pharmacity is the country’s most widespread network of pharmaceutical products stores, with 1 million subscribers to its loyalty program. The firm is targeting 1000 outlets in Vietnam within two years.
“Our partnership with Mekong Capital will empower us to continue improving healthcare for the Vietnamese people,” said Pharmacity founder and CEO Chris Blank, “and help accelerate our growth while better positioning us to execute on our vision and mission to build the most convenient pharmacy chain where customers fully entrust their health and wellness.”
“The company was the first retailer in this sector to demonstrate that all of Vietnam’s regulations and compliance thresholds can be met and still generate a healthy store level profitability,” added Mekong Capital partner Chad Ovel.