Yodawy, an online marketplace for pharmacy benefits in Egypt, has secured $7.5 million in a Series B funding round led by Global Ventures, Middle East Venture Partners and Algebra Ventures.
Participants included:
- CVentures
- P1 Ventures
- Athaal Angel Investors Group
- Global Ventures
- Middle East Venture Partners
- Algebra Ventures
This investment is made in a country with a population of over 100 million where the health-tech market continues to be promising and there are only a limited number of companies offering digital healthcare services. In 2022, Vezeeta, a cloud-based health-tech platform from the same country, raised $40 million in one of the largest funding rounds in the MENA region in 2023.
Started in 2018 by Karim Khashaba, Yasser AbdelGawad, and Sherief El-Feky, Yodawy offers a platform that connects customers with pharmacies, doctors, and insurance providers, enabling them to browse and purchase medication and other pharmaceutical products.
Yodawy’s digital platform allows insurance companies to automate the approval process while also providing pharmacies with the opportunity to increase online sales.
Yodawys plans to use the funding to expand into other important emerging markets and introduce more value-added services to its network of patients, pharmacies, and health insurers.
CEO and Founder, Karim Khashaba, stated that the funding arrived at a time when the company is experiencing significant growth having added a considerable number of pharmacies and insurers to its platform.
Presently, Yodawy’s health-tech platform has integrated with more than 3,000 pharmacies and 8 health insurance companies. The company has processed over 800,000 orders and has a user base of over 2 million on its platform.
“Yodawy was the first company in Egypt to partner up with leading health insurance providers, including AXA, MedNet, (Munich Re), NextCare (Allianz), and MetLife – global Fortune 500 insurance companies,” the company said. This made it possible for patients to use their medical insurance cards online and get their prescriptions delivered at home.
According to Amal Enan, Managing Director at Global Ventures, there is a promising market opportunity for Yodawy due to its rapid growth and focus on medical insurance as Egyptians reportedly spend around $6 billion each year on healthcare.
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