Online drug marketplace Liki24 raises $1 million from venture funds, business angels

Liki24, a Kyiv-based drug delivery service, has attracted $1 million in funding in its first investment round, Ukrainian tech blog AIN.UA reported.

The round was led by two Ukrainian investors — TA Ventures, one of the largest and most active Ukraine-based VC firms, and Genesis Investments. Part of the funding was also provided by Michael Puzrakov, co-founder of the Lviv-based Intellias software company, and other business angels. 

Launched in 2017 by a team of Ukrainian developers, Liki24 has grown from a medicines delivery startup into a marketplace that brings together five groups of customers: end users (B2C); drug stores and beauty stores; insurance companies; practitioners; pharmaceutical companies (B2B).

The service allows visitors to select and order medicines online from an assortment of SKUs offered by more than 3,500 drug and beauty stores across Ukraine at a minimum price available. E-shoppers are offered two main delivery options: self-pickup and courier delivery. The company claims that the users can save up to 30% on their purchases even if they opt for paid delivery.

In a recent interview with AIN.UA, Liki24 co-founder Anton Avrinsky said the service currently generates an annual total of $2 million in revenues, serving more than 30,000 individual customers. Last May alone more than 50,000 orders were fulfilled.

According to Avrinsky, Liki24 now grows by 10% to 25% on a month-to-month basis. The company plans to use the attracted capital injection to step up its growth and hire more personnel for top posts. They are also planning to expand operations from the current five cities — Kyiv, Dnipro, Odesa, Kharkiv, and Lviv — to the entire Ukraine territory and then target other countries.

Liki24 won the startup competition held by IT Arena in 2018, receiving $10,000 in prize money.

Topics: E-commerce, E-health & medical services, Finance, News, Startups, Venture/Private equity
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