Starting in Ecuador, and already expanded to Mexico, FastFarma is building a digital pharmacy for Latam, transforming the way medicines are delivered across the region. By creating dark store distribution points in strategic areas of Latin America’s major cities, FastFarma can deliver medicine to consumers in under 30 minutes with very few dark stores in a city.
In Latin America, there are 100,000+ pharmacies, but consumers have to visit an average of 2.5 pharmacies to complete a prescription order, leading to poor customer service and patients not getting the care they deserve, because pharmacies generally have low inventory and assortment. Of those 100,000 pharmacies, 25% generate 80% of revenue, leading to concentration in cities, and poor coverage in middle class parts of big cities and across second tier cities.
This round of investment will provide FastFarma with growth capital, necessary for their expansion on their way to becoming the largest digital pharmacy in Latin America.