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The startup aims to use the funds gained to achieve their vision of leading the digital transformation of the healthcare sector in Egypt and the region.
Egypt’s largest online medicine ordering and pharmacy benefits platform, Yodawy, raises $1 million in Series A funding round led by Algebra Ventures and CVentures, with participation from Egyptian angel investment firm, ASI Ventures.
Established in 2018 by Karim Khashaba, Sherief ElFeky and Yasser Abdelgawad, the startup has managed to scale from zero to almost half a million orders in less than a year without prior access to venture capital. “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,” says Karim Khashaba, co-founder and CEO of Yodawy.
“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,” adds Karim.
Yodawy enables users to browse and order medications and other personal care products through a mobile application. Once a customer places an order, they are matched with a nearby pharmacy in a network of over 2,500 pharmacies around 30 cities across Egypt. Patients also get access to their medical insurance plan through the app. For pharmacists and merchants, the startup allows for efficient digital claim processing and an incremental increase in revenue.
“Yodawy has a very promising team that is led by an experienced and resilient entrepreneur with strong product passion and an ability to attract good talent,” says Karim Hussein, Managing Partner at Algebra Ventures.
By connecting patients and consumers to pharmacies, doctors and insurance companies, the startup addresses persistent pain-points for patients and bridges a gap in the demand for medicine and pharmaceutical services in the market through its innovative use of technology.
“Yodawy has the potential to become a leading digital pharmacy benefits platform in the region. It’s clear go-to-market addresses fundamental problems experienced y all stakeholders, including pharmacies, insurance companies and their respective customers, effectively adding significant value. We look forward to helping the founders achieve their vision and roll-out of additional innovative offerings,” says Emad Fouad, CVentures’ Managing Director.
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