Mekong Capital-managed Mekong Enterprise Fund III has provided financing to Pharmacity JSC., the largest pharmacy retail chain in Vietnam with 186 stores in five big cities.
With this financing, by 2021, Pharmacity plans to enlarge its network to more than 1000 stores with a national presence across Vietnam.
Pharmacity was established in November 2011 and is one of the first cutting-edge retail pharmacies in Vietnam.
Recently, Pharmacity has celebrated surpassing one million customers subscribed to its customer loyalty program, marking the continuous trust from Vietnamese consumers for better health-care products and services.
Chris Blank, CEO of Pharmacity, hoped that the partnership with Mekong Capital would soon help them become the most convenient pharmacy chain for customers to fully entrust their health and wellness, which they were actually making progress on.
Chad Ovel, partner of Mekong Capital, believed that the burning desire of Pharmacity would soon be realised with Mekong Capital’s well-proven approach towards adding value and their extensive network of international experts and resources.
“This is a breakthrough for Vietnamese consumers who will substantially benefit from the company’s transparent product traceability system", he said in a release by Mekong Capital.
Launched in May 2015, Mekong Enterprise Fund III is a private equity fund of Mekong Capital, a Vietnam-focused private equity firm with the most extensive track record in Vietnam.
Currently, it has $112.5 million in committed capital. Before Pharmacity, the fund has announced seven other investments, including ABA Cooltrans, Red Wok (formerly Wrap & Roll), F88, BenThanh Jewelry (Precita), Nhat Tin, Yola Education and Vua Nem.