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Egyptian e-health startup – Yodawy – raises $7.5m Series B for its digital pharmacy market

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Two years after raising $1million, Egyptian leading e-health and online pharmacy benefits marketplace, has raised $7.5 million in a Series B funding round to help it expand its product offering and enter new markets.
The funding round was led by Middle East Venture Partners (MEVP), Global Ventures, and Algebra Ventures, with the participation of CVentures, P1 Ventures and Athaal Angel Investors Group.

“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 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.

“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 growth phase of health insurance in Egypt and similar emerging markets.” said Karim Hussein, a managing partner at Algebra Ventures, Yodawy’s early investor.

Yodawy was founded in 2018 by Karim Khashaba, Sherief El-Feky, and Yasser AbdelGawad, and has built a digital (pharmacy) marketplace with over two million users. 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 offering. The marketplace serves all the stakeholders of the healthcare ecosystem, including customers, insurance companies, pharmacies, doctors, as well as pharmaceutical and FMCG companies.

Yodawy claims to have amassed two million users on its platform, over 3,000 pharmacies and eight health insurance companies, and fulfilled over 800,000 orders. Yodawy plans to us the fund to help scale the platform, introduce additional offerings for its growing network of benefactors, and expand into new markets. The latest funding will help Yodawy to grow its network of pharmacies, patients and health insurers.

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