All news

1001Pharma raises €8 million to expand in Europe

Information updated on 20/06/18
1001Pharma, created by Cédric O’Neill and Sabine Safi three years ago, has developed an online sales platform for health products, first in France and then in China. With the funds recently raised by the company, 1001Pharma will now be able to expand its activity in the European market. The first target countries include Belgium, England, Germany, and Italy.
1001Pharma has found a solution for simplifying the sales of health products for individuals, while respecting existing organization within the sector. The company created a service platform that enables pharmacies and laboratories to sell their products online. The platform now includes 900 partners, 600 of which are pharmacies, the others being mainly laboratories that sell products not sold in pharmacies.
After setting up its platform for the French market, the company developed a similar tool for the Chinese market. “There was very little competition, high confidence in French products, and a few sanitary issues that made Chinese wary about certain local products,” explains 1001Pharma founder, Cédric O’Neill, who is a pharmacist himself. “We were able to develop this platform, thanks notably to a mission to China organized by Montpellier Métropole. During one of these trips to Chengdu, we officially signed a contract for €1.5 million,” he adds.
Three years after founding the company in 2012, and having participated in the Montpellier Venture Capital event organized by the Montpellier Méditerranée Métropole Business and Innovation Centre (BIC) and BPI France, the company raised €8 million in capital from recognized business angels, including Xavier Niel (via Kima Ventures) and Pierre Kosciusko-Morizet.
The company will now be able to concentrate on Europe, targeting Belgian, British, German, and Italian markets in particular.
The company is also involved with the French Tech program in Montpellier. “We developed our own marketplace in a new sector. In that sense, we offer a real service innovation. French Tech Montpellier is an opportunity to place the national and international spotlight on companies such as ours,” adds the director.
Today, 1001Pharma no longer has the same worries that it had during its first few years after creation, when it had to convince the French National Council of the Order of Pharmacists that the platform respected medical ethics. The company now references some 25,000 products and employs 35 people. A pharmacy can generate additional sales of 150,000 € per month thanks to the platform. In 2014, 1001Pharma generated €7 million in revenue, and has forecast €20 million for the 2015 tax year.
Find out more:
- 1001 Pharma- International growth- French Tech Montpellier- Montpellier Venture Capital - Montpellier Méditerranée Métropole Business & Innovation Centre (BIC)