Tech in Africa
Egypt’s online pharmacy Yodawy just raised $7.5 million in part of a series B funding led by Middle East Venture Partners (MEVP), Algebra Ventures, Global Ventures, alongside participation of CVentures, Athaal Angel Investors Group, and P1 Ventures.
Founded in 2018 by Karim Khashaba, Yasser Abdel Gawad, and Sherief El-Feky, Yodawy is a pharmacy benefit management platform for the entire healthcare ecosystem that comprises pharmacies, insurance companies, and pharmaceutical FMCGs.
Yodawy’s digital infrastructure ensures patients have their medicines and personal care products delivered in under 45 minutes. Insurance companies benefit from automated approvals processes reducing costs while enhancing customer experience. In turn, pharmacies benefit from Yodawy’s e-commerce offering which reinforces their online presence -in turn boosting sales. Yodawy currently enjoys a network of over 3000 pharmacies where FMCG can tap into and get products into the hands of consumers faster.
Yodawy’s platform democratizes the distribution of medicine and personal care products often distributed by large pharmacy chains. ‘Mom and Pop’ pharmacies can sell their production tun boosting sales while benefiting from shared services and faster settlement claims.
Yodawy has managed to seal major strategic partnerships with top health insurance providers in Egypt such as MedNet, AXA, NextCare, and MetLife. This ensures patients use their medical insurance cards for prescription drugs where they are then delivered to their homes.
Yodawy CEO Karim Khashaba expressed thrill over the new founding round pointing out how they are “ powering a digital healthcare revolution in Egypt.” He described the digital infrastructure created as a way of “breaking down silos” and “creating an integrated healthcare system that better serves patients.”
