Egypt-based online pharmacy Yodawy, has raised $1 million in its Series A round led by Egypt’s Algebra Ventures and CVentures, with participation from ASI Ventures, an angel investor firm.
Founded in 2018, Yodawy enables users to browse and order medications and personal care products through its mobile application. The startup is operational across 30 cities in Egypt with a network of more than 2500 pharmacies. Patients can also get access through the mobile application to their medical insurance co-payment plan and receive electronic prescriptions from their doctors.
“There is an incredible opportunity in the pharmacy benefits and claims processing space. It’s an established business model in different parts of the world, with no real solution in the region. Consumers and insurance companies alike are absolutely desperate for a better value proposition.” says Karim Khashaba, co-founder and chief executive officer (CEO) of Yodawy. “The region has come a long way over the past couple of years, but we still believe very little is being done to address deeper infrastructure gaps. This is where Yodawy is looking to create real impact.”
Yodawy claims to have completed almost half a million orders in less than 12 months.
“Yodawy has a very promising team that is led by an experienced and resilient entrepreneur with strong product passion and an ability to attract good talent,” said Karim Hussein, managing partner of Algebra Ventures.
“With their vision, strategy and the outstanding progress Yodawy has been able to deliver outstanding results in their first year of operations, Algebra is truly excited about this opportunity and confident in Yodawy’s ability to lead the digital transformation of the Healthcare sector in Egypt and the Mena region.”