STARTUP WATCH- Egypt’s Yodawy raises USD 1 mn in Algebra-led series A funding round: Yodawy, Egypt’s largest online digital pharmacy benefits platform, has raised USD 1 mn in a series A funding round led by our friends at Algebra Ventures and CVentures (a wholly-owned subsidiary of CIB), with the participation of angel investor firm ASI Ventures, according to a press release (pdf). It’s the latest in a string of investments Algebra has led this year, giving it today a portfolio that includes HolidayMe, Trella, Elmenus, iCommunity and Halan.
What’s Yodawy? The company, about a year old now, connects users to pharmacies, doctors, and insurance companies, allowing users to browse and order medication and other pharmaceutical products through a mobile app, with orders then being sent to the best matching pharmacy from a network of outlets. If a user’s medical insurance provider is part of the Yodawy network, its approval process is integrated into the digital order and dispatch.
The aim is to fill infrastructure gaps in the market for online medication ordering, pharmacy benefits, and claims processing: Yodawy is working to increase the efficiency of procuring medication and processing claims, overcoming mismatches in supply and customer demand and allowing pharmacies to focus on providing a better in-store experience, while also collecting incremental revenues. Ultimately, it hopes to impact the whole sector, says co-founder and CEO Karim Khashaba.