Egypt’s Yodawy Eyes New Markets Following $7.5M Series B Funding
Since its founding, the healthtech startup has integrated over 3,000 pharmacies, eight leading health insurance companies, and completed more than 800,000 orders.
Egypt-based health-tech startup Yodawy has secured $7.5 million in a Series B funding round led by Middle East Venture Partners (MEVP), Global Ventures, and Algebra Ventures. The round also saw participation from CVentures, P1 Ventures and Athaal Angel Investors Group.
Upon launching in 2018, Yodawy developed a benefits management platform for pharmacies enabling the healthcare ecosystem to reach a wider customer base more efficiently by simplifying the way patients order medicine.
Having integrated over 3,000 pharmacies, eight leading health insurance providers, and completed over 800,000 orders, the e-commerce platform has facilitated higher sales for pharmacies and streamlined the process for insurance companies to automate their orders.
Yodawy is also endeavouring to digitise the health-tech space in Egypt through artificial intelligence (AI) technologies, as well as on-demand servicing with its business-to-business (B2B) and business-to-consumer (B2C) offerings.
Karim Hussein, a Partner at Algebra Ventures, one of Yodawy’s earliest investors, says “since our initial investment, Yodawy has created an innovative platform for delivering medication and managing claims throughout Egypt. Their unique digital services are essential to powering the next growth phase of health insurance in Egypt and similar emerging markets.”
Marking the milestone and new funding, Managing Director for North Africa and the Levant at Global Ventures, Amal Enan, declared that “Yodawy is the only player with both B2C and B2B insurance and pharma products and holds a leading market position with its end-to-end offerings.”
She hailed the business for being “hugely successful” in Egypt, and said “we are looking forward to supporting Yodawy as it enters new markets in the MENA region, and beyond.”
With the fresh funds, Yodawy plans to expand and diversify its offerings, and target new markets.
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