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London Tech Week

Game-changing digital pharmacy startup Faks raises €5M for European expansion

Faks team
Photo credits: Faks

Despite the surge in digitisation of medical services and pharmacies during the COVID-19 pandemic, the pharmaceutical sector remains one of the least digitised sectors. Pharmacies have 100 suppliers (labs) on average, each with their own processes and systems. Apparently, pharmacies and suppliers lose 30% of their time on low-value tasks as a result of these processes. 

Realising that the process affects the quality of their relationship, Corentin Geoffray, Clément Goupy (a former pharmaceutical executive) and Félix Pignard created Faks in 2020 in France. The company created a digital platform that streamlines the relationship between pharmacies and their suppliers, allowing them to work more efficiently together.

One-stop digital platform for pharmacies

Faks offers pharmacies a digital, easy-to-use platform to manage all their after-sales operations, for all their suppliers, all in one place. They can handle everything from promotions, claims, or expired products management. The platform frees pharmacies from considerable administrative work and can focus on their patients, and groups of pharmacies can more easily federate the members of their network. At the same time, suppliers’ sales and support teams gain operational efficiencies thanks to Faks.

Its network includes 12,000 partner pharmacies (60% of the French pharmacy network), 118 pharmacy associations, and over 700 pharmaceutical companies, including industry giants like Biogaran, Biocodex, and Bouchara.  

Growth beyond France

Now, Faks has snapped €5 million from Connect Ventures, an European seed-stage venture capital Seedcamp that backed Odin and Antavo, and Cocoa Ventures, an angel fund backed by tech founders that invested in Noala and Werk. The investment will allow Faks to strengthen its technical and commercial teams by recruiting a dozen new employees and to prepare for its European expansion. It will also help the company consolidate its leadership position. 

Corentin Geoffray and Clément Goupy, Co-founders of Faks emphasised, “This funding round is decisive to further consolidate our leadership position in the French market and the starting point for our internationalisation. After having partnered up with 60% of French pharmacies, we are convinced that our solution can profoundly transform the business of pharmacy professionals throughout Europe.”

Sitar Teli, Partner of Connect Ventures commented, “Faks is a great example of taking a product-led approach to transforming how an industry operates. They’ve combined a compelling workflow product with powerful network effects to build an impressive leading position in the market, with 60% of French pharmacies already onboarded and more joining every day. The incredible traction reflects a team that is both highly strategic and excellent at execution, a powerful combination.”

Victor Felguera, a Key Account Manager at Modilac Laboratory, which uses Faks  to manage point-of-sales promotions, commented, “By combining all the transactions negotiated with our pharmacy partners into one intuitive interface, Faks has given us real fluidity and saved our sales force considerable time.”

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