New $5M Round Will Propel Liki24’s European Expansion

Liki24, a Ukraine-based e-commerce platform for medicine delivery, raised a $5 million round to aid its expansion across Europe.

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Horizon Capital led the round with participation from existing investors Genesis Investments and TA Ventures. With the new investment, Liki24 has raised total funding of $6 million since being founded in 2017. That amount includes a $1 million Series A round in 2019, according to Crunchbase data.

Lenna Koszarny, founding partner and CEO at Horizon Capital, said in a written statement that “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.”

This new equity round will finance growth, primarily by entering new markets, including its newest operations in Warsaw, Poland, CEO Anton Avrinsky told Crunchbase News via email.

“Our key focus areas are strengthening the team by adding new high-level specialists and further the technological development of our platform,” he added.

Liki24’s marketplace aggregates offers from more than 5,000 pharmacies and facilitates transactions between pharmacies and consumers. It addresses consumer challenges, including price variations, limited availability of certain medicines, and lack of home delivery.

In the past three years, the company has completed more than 500,000 orders powered by a proprietary software system. The company also had a strong performance in 2019, growing six times year on year in terms of orders and revenue, Avrinsky said.

Next up, Liki24 will complete its service launch in Poland, continue its expansion into the Ukrainian market, and introduce new features and functionalities that are expected to be visible by October, Avrinsky said.

“The company is enjoying very significant growth, and the current situation with the COVID-19 pandemic gave additional acceleration to the business as clients value the opportunity to receive required medicines safely at their homes at a better price than typically available in physical pharmacies, exactly what Liki24 offers,” he added.

Illustration: Dom Guzman