Egyptian medication ordering and pharmacy benefits platform Yodawy has raised US$1 million in Series A funding in order to accelerate its already impressive growth.
Founded in 2018 by Karim Khashaba, Sherief El-Feky and Yasser AbdelGawad, Yodawy enables users to browse and order medications and personal care products through its mobile app.
Orders are routed to the nearest pharmacy across a network of more than 2,500 nationwide partners, with patients also able to access their medical insurance co-payment plan through the app.
The US$1 million funding round is led by Algebra Ventures and CVentures, with participation from ASI Ventures, and comes after Yodawy scaled to almost 500,000 orders across 30 Egyptian cities in less than 12 months while bootstrapping.
“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,” said Khashaba, Yodawy’s chief executive officer (CEO).
“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.”
Karim Hussein, Algebra Ventures’ managing partner, said Yodawy had a very promising team.
“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,” he said.