EGYPT – Yodawy, a digital healthcare start-up based in Egypt, has secured US$16 million in a Series B funding round, co-led by Delivery Hero Ventures and Global Ventures.
This funding round saw participation from AAIC Investment, Dallah Albaraka, and existing investors such as Middle East Venture Partners (MEVP), C-Ventures, and P1 Ventures.
Yodawy has pioneered a pharmacy benefit management platform in the Middle East and North Africa (MENA) region using technology, expert pharmacists, and state-of-the-art logistics.
Its online platform allows insurance companies, medical providers, pharmacies, and pharmaceutical companies to offer an exemplary customer journey to patients, anywhere in Egypt.
Yodawy’s platform allows insurance companies and hospitals to automate approvals, save costs and improve customer experience.
The company also launched a flagship e-commerce offering that allows physicians to go paperless while enjoying an online presence.
The Series B round comes days after Yodawy joined forces with AXA Egypt to provide ground-breaking services in medical technology and its US$7.5M Series A in 2021.
Since its Series A round, the startup has grown revenue by 400% and partnered with 20 leading health insurance companies, 3,000 pharmacies, and over 300 corporates in Egypt.
The new round of investment, valuing the Egyptian startup at about US$24.5 million, will help the startup to improve its core technology, drive business growth and expand regionally.
Yodawy will deploy the fresh funds to expand its signature Care Programme for Chronic patients which offers monthly medication refills to enrolled patients and processes daily deliveries across 38 cities in Egypt.
The company will continue to automate its operations, enabling prescription processing at a larger scale and bolstering existing tech-enabled fulfillment capabilities to serve a rapidly growing base of patients.
Yodawy will use part of the funds to support its ambitious expansion plan to revolutionise the pharmacy industry across the Middle East and North Africa region.
In his address, Karim Khashaba, Co-founder and Chief Executive Officer (CEO) of Yodawy, underscored that the company is disrupting how prescriptions are produced digitally by doctors, processed by payers, and delivered to patients’ homes.
“We are thrilled to receive the support of leading global investors with such strong healthcare and technology expertise,” he noted.
Khashaba said that Yodawy has become the leading digital pharma powerhouse in Egypt and the partner of choice for insurance companies and payers.
“Yodawy will continue to invest heavily in building one of the most inclusive and sophisticated pharma value chains across the Middle East and Africa’s US$100 billion pharma market,” the CEO reaffirmed to the investors.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
