Yodawy raises $7.5M in Series B funding
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Yodawy, an Egypt-based Healthtech startup successfully closes a $7.5M Series B funding round. Led by Middle East Venture Partners (“MEVP”), Global Ventures, and Algebra Ventures, with the participation of CVentures, P1 Ventures, and Athaal Angel Investors Group.
Founded in 2018, Yodawy has introduced a benefits management platform for pharmacies enabling the entire healthcare ecosystem (insurance companies, pharmacies, and pharmaceutical/FMCGs) to serve a wider customer base faster. The platform works on many levels with different benefactors, enabling patients to have their medicines and products delivered, insurance companies to automate approvals, and pharmacies to boost their sales through e-commerce servicing.
With over 2 million users on its platform, Yodawy’s marketplace aims to democratize the distribution of medicine and personal care products. Typically distributed by large chains of pharmacies, the platform enables ‘Mom and Pop’ pharmacies to sell their products and benefit from shared services and faster claims settlement. Reflecting on this process, Yodawy founder and CEO Karim Khashaba comments “Yodawy is powering a digital healthcare revolution in Egypt. The digital infrastructure that we have created is breaking down silos and creating a more integrated healthcare system that better serves patients.”
Over the last four years, Yodawy has rapidly integrated over 3,000 pharmacies, 8 leading health insurance companies, and fulfilled over 800,000 orders. Impressed by Yodawy’s inclusive grip of the market, Managing Director of MEVP, Jade El Boustani reflects “Yodawy is uniquely positioned to digitize the health-tech space by connecting insurance companies, pharmacies, and patients in a seamless and efficient way. At MEVP, we believe that Egypt is one of the most promising markets in the MENA region and look forward to investing in additional amazing opportunities there.”
Yodawy integrates AI technology and on-demand servicing to streamline its b2b and b2c offerings, showing great potential in the pharmaceutical industry. Algebra Ventures was one of the first to back this innovative startup, as Partner Karim Hussein expresses his pride “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.”
Through this spectacular newly acquired fund, Yodawy plans on introducing additional offerings for its growing network of benefactors and expand into new markets. Commemorating this milestone Managing Director of Global Ventures, Amal Enan concludes “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. The business has been hugely successful in Egypt, and we are looking forward to supporting Yodawy as it enters new markets in the MENA region, and beyond.”
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