Ibnsina Pharma Acquires Majority Stake in 3elagi, Marking First Partial Exit for Falak Startups
A win-win situation for everyone involved, with the Egyptian healthtech startup now looking to expand its user base and network of pharmacies with the capital raised.
Egypt’s 3elagi has announced that pharmaceutical distribution giant, Ibnsina Pharma, has acquired a majority stake in the healthtech startup’s digital pharmacy platform and app. The deal will immediately work in the benefit of both parties, with 3elagi providing Ibnsina direct access to its 600,000-strong user base. In turn, 3elagi will look to expand that user base with the capital raised from the acquisition, as well as expand its network pharmacies.
The deal also marks the first partial exit for Falak Startups, with the regional, Egypt-based tech accelerator counting 3elagi as one of its portfolio companies and graduates, and will continue to support the startup.
Founded at the backend of 2017 by Haytham Ibrahim (CCO) Yehia El Saka, (VP of products) Yassin Gamal (CTO) and Mostafa Hamouda (CEO), 3elagi was quickly marked as one of the first healtech startups in Egypt to set sail on the collective voyage of digitalisation, setting it up to perfectly for the demands of a pandemic-it 2020.
“We’re happy to have been part of 3elagi’s mission from ideation to growth,” Falak Startups MD, Yousef Elsammaa, said of the deal. “Falak’s mission is to empower the youth and tech scene in Egypt and act as a catalyst for the rapid growth of these startups to attract the private sector to invest in these companies and take them either further. We believe this’s just the start of many more partnerships and future acquisitions.”
