PulseTech, a fast-growing Bangladeshi healthtech platform working to eliminate counterfeit medicines from the market, has raised $3 million in a Pre-Series A round co-led by Vietnam-based venture capital firm AVV and Singapore-based accelerator fund Iterative.
The investment marks AVV’s first entry into Bangladesh, according to PulseTech.
PulseTech has expanded more than 15 times over the past year and now serves more than 12,000 pharmacies through its Medbox platform, reaching 3.5 million people in Dhaka.
The company sources medicine directly from verified manufacturers and delivers to retail pharmacies to prevent counterfeit drugs from entering the supply chain.
The new investment will be used to expand its “One Pharmacy” franchise model, designed to bring non-compliant small pharmacies under a unified, technology-driven framework. PulseTech also plans to expand into South and Southeast Asian markets where similar counterfeit-medicine risks exist.
“At least 1 in every 10 pharmaceutical products that reach patients in Bangladesh is counterfeit — a risk that is simply unacceptable,” said PulseTech Managing Director Arefeen Raafi Ahmed.
He said they founded the company to ensure pharmacies receive authentic products from verified sources so patients never have to worry about the medicine they take.
Bangladesh’s medicine distribution system remains largely manual and fragmented, allowing counterfeit drugs to enter easily through wholesale markets. Founders Kazi Ashikur Rasul and Arefeen Raafi Ahmed established PulseTech in 2021 to address these longstanding risks.
“We want to reshape how healthcare reaches communities across Bangladesh,” said PulseTech CEO Kazi Ashikur Rasul. He said combining technology with financial tools will set a new standard for medicine distribution nationwide and beyond.
AVV co-founder Eddie Thai said Bangladesh carries the same energy Vietnam had 15 years ago, adding that PulseTech’s growth is particularly striking amid the ongoing political transition.
A venture capital firm invests in fast-growing early businesses, while an accelerator fund provides funding and guidance to help startups scale quickly.
Iterative managing partner Hsu Ken said PulseTech delivered the fastest performance in its February 2025 cohort, rising from $1 million to $13 million in revenue during the three-month programme. He said demand for Medbox is strong because it replaces slow, manual distribution with an efficient digital network.
A Pre-Series A round is an early-stage fundraising step that helps a young company expand before reaching a full Series A.
Beyond distribution, PulseTech provides pharmacies with online tools for inventory and order management. With structured inventory data, the platform helps pharmacies access inventory credit from financial institutions, supporting financial inclusion.
PulseTech said it aims to build a robust pharmaceutical supply chain capable of pursuing a future listing on global exchanges such as Nasdaq.
