Vietnamese early-stage venture capital firm AVV has co-anchored a $3-million pre-Series A funding round in PulseTech, a B2B commerce healthtech platform in Bangladesh, according to an announcement.
PulseTech said the round was co-led by Iterative and marked AVV’s first investment in Bangladesh. Iterative first invested in PulseTech in February 2025.
The startup did not disclose its valuation.
Founded in 2021 by Kazi Ashikur Rasul and Arefeen Raafi Ahmed, PulseTech sells a business-to-business platform called “Medbox” that allows retail pharmacies to place orders digitally for last-mile delivery of medicines sourced directly from verified manufacturers.
The process bypasses parts of a distribution system that often relies on manual processes and loosely supervised wholesale markets, PulseTech said.
Bangladesh’s drug distribution is largely fragmented, with patchy oversight in parts of the supply chain, creating openings for fake or substandard products and inefficiencies in stock management, PulseTech said.
The startup will use the proceeds to roll out a “One Pharmacy” franchise model that targets smaller, non-compliant outlets, and to expand its software tools for inventory and order management.
It also plans to broaden an inventory-credit product that uses pharmacy transaction and stock data to connect retailers with financial institutions.
“As pharmacies are the primary source of medicine for consumers, we founded PulseTech to ensure pharmacies get products from verified sources,” co-founder Ahmed said.
AVV describes itself as an early-stage venture capital firm with a local base in Vietnam and operating experience across Vietnam and Silicon Valley.
The firm said it has invested since 2015 and that its partners have backed multiple unicorns from seed.
AVV closed its flagship, early-stage venture capital fund at $64 million in 2022. In May, DealStreetAsia reported that AVV was looking to invest $6 million in six companies, focusing on supporting the growth of startups in Vietnam, particularly those leveraging cutting-edge technologies such as AI.
On its website, the firm said it has invested in over 100 companies since 2015. Its portfolio includes Sky Mavis, the Vietnam-founded blockchain game developer behind Axie Infinity.
