Vodafone Ventures Egypts takes 22.22% stake in Agzakhana.com via venture capital

By Staff Reporter

Aug 29, 2013 11:42 AM EDT

Agzakhana.com, an online pharmacy startup, had closed a venture capital agreement with Vodafone Ventures Egypt, parting 22.22% of its company shares to the venture capital arm of the British telecommunications company. In a press release regarding the agreement, the Round-A investment was facilitated to foster "innovative healthcare applications and revenue streams" across operating markets of Vodafone.

Agzakhana.com is an order logistics platform that bridges retail pharmacies and its customers who would purchase beauty and health products. The platform has more than 40,000 registered and unregistered clients.

Startup founder Agmed Shabana, who is also a licensed pharmacist, said that the partnership with Vodafone is an "achievement in light of the political tension and violence the country is witnessing."

Funds obtained from the venture capital agreement will be used for operations expansion. Agzakhana.com has been recording EGP1 billion in sales turnover year per year.

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