Baropharm, a Korean startup specializing in pharmacy management platforms, announced the successful completion of its pre-IPO funding round. The company raised an impressive $13.5 million (19 billion KRW) in this latest round, with participation from prominent investors, including Mirae Asset Securities and CJ Korea Express. This brings Baropharm’s cumulative investment to $28.6 million (approximately 40 billion KRW), solidifying its position as a key player in the pharmacy platform market..
Driving Digital Transformation in Pharmacy Management
Baropharm, under the leadership of CEO Kim Seul-gi, has been at the forefront of digital transformation within the pharmacy sector. Leveraging the funds raised to date, the company has advanced IT infrastructure for pharmacies and significantly enhanced user convenience. It has also expanded its service offerings for pharmaceutical companies and wholesalers, positioning itself as a two-way platform that bridges the gap between pharmacies and the broader pharmaceutical industry.
The platform empowers pharmacies by streamlining operations, connecting them with suppliers, and offering innovative solutions that boost efficiency. With the new investment, Baropharm plans to focus on increasing pharmacy sales and fostering mutual growth with its partners.
Baropharm will utilize the new funding to develop its subsidiary BRP Labs’ key initiatives: the health-focused brand Our Pharm and the B2B2C platform Around Pharm.
Our Farm is a health functional food brand exclusively for pharmacies, and currently provides more than 50 different products to pharmacies in South Korea. In addition to health functional foods, the startup is continuously developing various products that can increase pharmacy sales. By next year, Baropharm plans to strengthen brand awareness through consumer advertising and expanding the pharmacy health functional food market.
Around Farm is a B2B2C platform that connects pharmacies and consumers, and provides various functions such as finding nearby pharmacies and making reservations for pharmacy visits. In order to expand related services, it plans to provide various marketing promotions that can attract consumers to pharmacies. The ultimate goal is to foster direct communication between pharmacies and their customers, thereby increasing foot traffic and boosting pharmacy revenues.
Baropharm CEO Kim Seul-gi said, “We were able to successfully complete this pre-IPO because over 20,000 pharmacies nationwide have been consistently using Baropharm. With this investment, we will focus on investing in pharmacy sales activation projects to repay the support of pharmacists and further strengthen the foundation for pharmacies and Baropharm to grow together.” As it prepares for its IPO, the company’s vision to create a robust ecosystem for pharmacies and the pharmaceutical industry promises continued growth and innovation.
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