🚚 Mayd’s Business Model and Rise
Mayd, founded by Hanno Heintzenberg and Lukas Pieczonka in 2021, aimed to revolutionize the pharmacy industry by delivering medications via an app within 30 minutes. The startup quickly expanded to over 70 cities, including Düsseldorf, Hamburg, Leipzig, and Munich. Initially, Mayd offered free delivery for all medications, but later restricted this to prescription drugs only, charging fees for other items. Despite partnering with 120 pharmacies and securing $56M in funding, Mayd struggled financially.
💼 Market Challenges and Competition
The COVID-19 pandemic initially boosted online orders, but the demand waned as infections decreased. Mayd also faced legal hurdles, such as a ban on Sunday and holiday deliveries. Delays in the e-prescription rollout, expected in January 2024, further hindered growth. Competitors like Kurando went bankrupt, while First A was acquired by Redcare Pharmacy. These market shifts made it difficult for Mayd to maintain its operations.
📉 Financial Struggles and Bankruptcy
Mayd's 2022 financial report showed a loss of €33M. The company reduced its courier workforce by half and partnered with Uber for deliveries. However, these changes weren’t enough to sustain the business. Mayd’s founders raised $43M in early 2022, but investors were unwilling to provide further support. As a result, Mayd filed for bankruptcy, with Florian Linkert appointed as the preliminary insolvency administrator.
🔮 Future of Medical Delivery Services
Mayd’s bankruptcy highlights the challenges faced by medical delivery services. Competitor Cure remains active, partnering with Wolt and expanding to France and the UK. Cure is also exploring telemedicine, despite recent setbacks with its app. The collapse of Mayd and similar companies indicates a tough road ahead for the industry. "This is a 'Winner Takes It All' market," Heintzenberg stated in a past interview, underlining the fierce competition in the sector.
Will medical delivery services survive the market turmoil?
