Yodawy, an Egyptian e-health startup, has raised US$7.5 million in a Series B funding round to expand its product offering and reach new markets.
Founded in 2018 by Karim Khashaba,Yasser Abdel Gawad and Sherief El-Feky,the healthtech startup has introduced a benefits management platform for pharmacies that enables the entire healthcare ecosystem –insurance companies ,pharmacies and pharmaceuticals to serve a wider customer base, faster.
The platform allows patients to have their medicine and products delivered, insurance companies to automate approvals, and pharmacies to boost their sales through e-commerce offerings. It has over two million users on its platform.
“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,” said Yodawy founder and chief executive officer (CEO) Karim Khashaba.
Yodawy has raised a US$7.5 million Series B round to help it scale further after raising a US$1 million funding round in 2019. Middle East Venture Partners, Global Ventures, and Algebra Ventures led the round, with CVentures, P1 Ventures, and Athaal Angel Investors Group joining in.
Yodawy intends to use the funds to expand into other markets and create new offerings for its increasing network of benefactors.
“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,” said managing director of Global Ventures Amal Enan.
Karim Hussein, Partner at Algebra Ventures, said: “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 phase of growth of health insurance in Egypt and similar emerging markets. Yodawy has built an exceptional team that has a focused vision, clear market understanding and strong technical capabilities to drive this healthcare transformation. We look forward to further supporting Yodawy’s continued expansion.”