Based in Egypt, 3elagi enables users to search, compare, and order a wide range of medicine and beauty products right from their neighborhood pharmacies. Launched in 2018, the startup claims to have served more than 600,000 consumers since.
3elagi had an encouraging start early in its existence after being enrolled into the local startup accelerator Falak Startups’ first cohort. Up until now, Falak was the only investor the company has signed up with.
While the specifics of the deal are currently unknown, 3elagi said that it involves approximately $1.6 million. Based on that, the current valuation of the startup is estimated at $2.1 million. After Ibnsina’s majority acquisition, most of the remaining 25% stake will remain with the startup’s original founders.
“We are excited to partner with Ibnsina pharma, the fastest growing pharma distributor in Egypt with its high efficiency and strong distribution capabilities. We are confident that choosing the right partner whose values and strategic vision are aligned with our own will transform the application into a full-fledged-healthcare platform,” said Mostafa Hamouda, the co-founder and Managing Director of 3elagi.