Monday February 26th, 2024
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Egyptian HealthTech Startup Yodawy Raises $16M in Series B Round

The new funding will be used to expand across the Middle East and Africa.

Startup Scene

Yodawy, an Egyptian online pharmacy marketplace, has raised $16 million in a Series B round led by Global Ventures and Delivery Hero Ventures. The round also saw participation from Singapore-based AAIC Investment and Saudi’s Dallah Al-Baraka, alongside existing investors including Middle East Venture Partners (MEVP), C Ventures, and P1 Ventures.

Founded in 2018 by Karim Khashaba, Yasser Abdel Gawad and Sherief El-Feky, Yodawy is an online platform that enables pharmacies to deliver prescriptions to patients while also allowing insurance companies to automate payments and approvals, ultimately saving costs and improving overall customer experience.

According to the startup, they manage the delivery of almost 200,000 monthly prescriptions across 30 cities in Egypt. They have also partnered with almost 300 companies in Egypt to serve patients needing chronic medication.

With the region’s pharma market poised for growth, projected to $60 billion by 2025, according to the Middle East Pharma Cold Chain Congress in the UAE, the new funding will be used to expand across the Middle East and Africa.

In 2021, Yodawy raised $7.5 million to grow its platform in Egypt.

The Egyptian startup ecosystem has witnessed record growth last year despite the global macro economic challenges. In 2022, Egypt attracted $517 million in funding, an increase of 3% from the previous year, according to Magnitt’s Egypt Venture Capital market report. While fintech received the lion’s share of funding, raising $217 million, healthcare was also among the top funded sectors, raising $12 million last year.

Other healthtech startups in Egypt that have raised significant funding last year include 07 Therapy, raising $2.1 million, Doxx raising $1.5 million, and i’Supply raising $1.5 million.