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Egyptian healthtech startup Yodawy raises $7.5 mn to fuel expansion plans

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The online pharmacy company has more than 3,000 pharmacies and eight health insurers on its platform

Egypt’s online pharmacy marketplace Yodawy has raised $7.5 million in series B funding from a group of investors and plans to expand its business in emerging markets, according to media reports. At present, it has more than 3,000 pharmacies and eight health insurers on its platform.

The company claims to have more than 2 million users and has raised the money from Middle East Venture Partners, Global Ventures and Algebra Ventures, and participants from CVentures, P1 Ventures and Athaal Angel Investors Group. This funding happened at a time when the company is registering strong growth as it continues to add more pharmacies and insurers to its platform.

Karima Khashaba, CEO of the company told the media, “We are thrilled to have completed this funding round. It comes at a time of huge growth for Yodawy, as we continue to add more pharmacies and insurers to our platform. Yodawy is powering a digital healthcare revolution in Egypt. 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.”

Founded in 2018, Yodawy offers an online platform for pharmacies to sell their products. Patients can also access Yodawy’s platform to order medicines and personal care products and have them delivered in less than 45 minutes.

The current medical insurance market provides an attractive landscape and it is expected to reach $662 billion by 2026, from $186bn in 2019, growing at a rate of 20 percent. The Egyptian company, with the help of this funding, plans to offer additional value-added offerings to its growing network of pharmacies, patients and health insurers.

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