Ukrainian startup Liki24 raises $5m from Horizon Capital, existing investors to fuel European expansion
Liki24, Ukraine-based e-commerce platform for medicine delivery, raised a $5 million round from Horizon Capital and existing investors, bringing total funding raised to date to $6 million. This new equity round will support the Company’s ambitious European expansion plans, with Poland being the first international market where Liki24 launched operations last month.
Liki24.com is a marketplace aggregating offers from thousands of pharmacies and facilitating transactions between pharmacies and consumers. Liki24 launched in Ukraine in late 2017, addressing three consumer pain points: significant variation in pricing among market players, limited availability of medicines in one point of sale, and lack of home delivery. In less than 3 years since inception, the Company has connected 5,000+ pharmacies and completed over 500,000 orders powered by a proprietary software system that integrates with pharmacies’ ERPs, instantly analyzing prices and availability of medicines, developing optimal routes for couriers, thus allowing for rapid delivery to customers at affordable prices. Today, Liki24 has become a lifeline for the most vulnerable consumers, often the only viable option for the elderly to receive medicines, as well as people with limited mobility and those living in remote areas.
Liki24 played a crucial role during the coronavirus lockdown in Ukraine to ensure people sheltering at home had access to lifesaving medication. The Company partnered with local logistics operators to offer free delivery of medication during the quarantine. Recently, Liki24 was named by Sifted among the few European start-ups helping to ease the negative impact of coronavirus, with BBC featuring the Company among services that help patients during lockdown.
Liki24 was launched by Anton Avrinsky, the CEO and founder, with a vision to introduce innovation and convenience to the pharmacy retail industry. Anton and Liki24’s core team members demonstrate solid technology and business development experience, having worked together for over 10 years at a leading Eastern European IT company.
Anton Avrinsky, CEO and founder of Liki24 said: “Our business model proved to be successful in Ukraine, helping customers access more affordable medicines and convenient delivery. This capital raise will enable us to expand our team as well as extend our winning model to the Polish market and finance further international expansion at a time when safe and rapid delivery of medication is critical to the wellbeing of society. Our mission is to help our clients source medicines and receive them faster, at cheaper prices, and with greater convenience. Furthermore, pharmacies benefit from new revenue streams, allowing them to capitalize more readily on additional e-commerce sales. Liki24 is a tech-driven company, bringing the latest technologies to the traditional pharma retail industry. The substantial size of the market and untapped potential creates tremendous opportunities for Liki24. We look forward to investing funds, time and effort to ensure consumers enjoy the benefits of our innovation as quickly as possible. We are thrilled to launch our global expansion with our entry to Poland this past month.''
Lenna Koszarny, Founding Partner and CEO at Horizon Capital said: “Horizon Capital is delighted to partner with Liki24 talented founders and join the Company’s impressive existing investor base. We look forward to contributing to the Company’s continued growth in the years ahead. Liki24 has an attractive mix of elements crucial for success, including strong founders with a bold vision, drive and demonstrated execution-ability, backed by a highly professional management team. Our investment in Lik24 is consistent with our focus on visionary founders with a clear expansion strategy who seek out a partnership with Horizon Capital to reach new heights.''