Jordan’s Dawatech raises 7-figure SEED
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Jordan-based HealthTech and pharmacy management solutions provider Dawatech has successfully raised an undisclosed 7-figure amount in its latest funding round. The SEED round was led by Access Bridge Ventures and recorded participation from ISSF amongst other key regional investors.
Designed and created by Pharmacists, Dawatech has spent the past two years developing a comprehensive end-to-end SaaS pharmacy management ERP software that connects pharmacies, suppliers, and stakeholders through a single platform. The user-friendly and efficient software helps users have control over pharmacy in-house operations, inventory and sales, to increase profitability and productivity.
As recorded in our flagship 2021 MENA VC Impact Investment Report brought to you by Wa’ed, the Healthcare industry in MENA was the second most-active industry for impact investing between 2016 and Q3 2021. Accounting for 20% of impact investment deals closed in the past 5 years, 69% of all VC capital deployed in the sector were raised MENA-based Impact-driven HealthTech startups, accounting for 14% of all VC Impact Investment capital deployed across industries between 2016 and Q3 2021. In the UAE, UAE-based HealthTech startups raised major rounds between 2020 and 2021 drove funding growth across MENA. Most remarkably were Telemedicine Consultation digital platform Altibbi, Appointment booking platform Okadoc, Health Tracker and test booking platform Valeo, as well as Selfologi the online cosmetics treatment marketplace.
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The platform was designed to adhere to the needs of your typical MENA pharmacy owner. Not only does it provide all required core functionality such as POS, inventory, accounting, and overall operational management but also offers bespoke integration for instant usage with all relevant ecosystem stakeholders such as regulatory platforms, logistics providers, payment processors, and much more. The platform now integrates with suppliers to automate inventory management, stock replenishment, and much more. A true plug-and-play end-to-end solution. Mohammad Musleh, founder and CEO of dawatech commented “Dawatech’s state-of-art technologies help to stabilize and empower pharmaceutical institutes, boost their performance and their profitability. Approaching $100m GMV, and around 40% of the Jordanian community pharmacies’ sales and purchases are happening on pharmacies using our solutions, dawatech. became the leading and fastest-growing pharmacy management software in Jordan. With its embedded B2B marketplace and fintech products in its solutions, pharmacies are able to operate smarter and pay to suppliers seamlessly. Penetrating KSA market after proven the concept in Jordan is a very important milestone for dawatech and it’s in line with and supports the Saudi Arabia Ministry of Health’s vision to digitize the sector”
According to the digital health strategy update issued by the Saudi Ministry of Health defines digital health is “ the cost-effective and secure use of information and communication technologies and the associated culture change it induces, to help people and manage their health and wellbeing and transform the nature of healthcare delivery”. According to CHEManager International, the MENA pharmaceutical market was worth $36 billion in 2016, which represented 2% of the global market. This relatively low starting base is now seeing projected growth of 10%, vastly outstripping the current global growth rate of 4-6% – even surpassing the traditional “pharmemerging” economies such as Brazil and China.
The Jordan-based HealthTech plans on channeling its newly acquired funds to support its regional expansion into KSA and other MENA markets. With high hopes for the dawatech team, Issa Aghabi, managing partner of Access Bridge concluded “Access Bridge backs promising startups like a Dawatech and support them in their regional expansion to become category leaders. Dawatech will disrupt the healthcare sector by creating better efficiencies in the distribution of pharmaceuticals to end consumers. We are also helping Dawatech to penetrate Saudi Arabia and establish itself as a local player. This marks our 6th investment this year, hoping to continue supporting great regional entrepreneurs."
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