Ukrainian medicine search and delivery service Liki24.com raises $1 million

Ukrainian platform for search and delivery of medicines Liki24.com has raised $1 million in investments with TA Ventures and Genesis Investments as lead investors. Mission Tech of Mykhailo Puzrakov and several business angels also participated in the round.

“Liki24.com has many essential attributes of a successful startup: a huge market with great potential for disruption, a great team and a technology product that is already of interest to e-commerce and logistics behemoths. TA Ventures team is confident that in the long run, Liki24.com will be able to reproduce their business model in larger overseas markets,” comments Igor Pertsiya, venture partner of TA Ventures.

The funds raised will be used to develop the technological platform, strengthen the team, marketing and geographical footprint of the service.

What is Liki24.com

Liki24.com is a HealthTech platform that connects consumers with pharmacies, doctors, clinics, and insurance companies. The platform sprung up from a simple idea – allow Ukrainians to avoid overpaying for medicines. According to the startup, customers can save up to 20-40% on medicines with this service. An order can be placed with delivery or “Customer pickup”.

“It happens that prices in pharmacies differ by hundreds of hryvnias, and roaming the city in search of a cheaper medicine is not an option. In the past, every time I used to buy medicines for my family, I honestly did not have a clue why I had to spend a huge amount of time searching for medications and visit various pharmacies while I still overpaid up to 50%. So I realized that I want to make a truly convenient service that would save time, and avoid overpaying for medicines,” says Anton Avrinsky, founder of Liki24.com.

The service works with more than 3,500 pharmacies across Ukraine. It keeps data about more than 40,000 products and regularly updates the database of medicines including prices. Currently, over 30,000 users use the platform. Delivery is available in Kyiv, Dnipro, Odesa, Kharkiv, and Lviv. More than 50,000 orders have been processed since the beginning of 2018.

Health Tech’s Potential

Health Tech is a rapidly growing industry. According to CBInsights, 10% of companies that are valued at more than $1 billion are health tech startups. According to Global Market Insights, the global digital health market is set to reach $504.4 billion by 2025.

“Similar companies have multi-million rounds in the U.S. By investing in Liki24.com, we support one of the first products in this niche, which will expand in the future and provide breakthrough solutions to the world,” explains Vitaliy Laptenok, CEO of Genesis Investments.