Egyptian medicine delivery startup Yodawy has raised $1 million in Series A round funding led by Algebra Ventures and CVentures, the local media reported. Egyptian angel investor ASI Ventures also participated in the funding.
Users can purchase medicines and other personal care products online using the Yodawy platform. The startup was founded in 2018. It is operational across 30 cities in Egypt.
The startup is reported to have completed nearly 500,000 orders in less than 12 months. Customer orders are routed to the nearest pharmacy. It has built a network of more than 2500 pharmacies.
Karim Khashaba, Co-founder and CEO of Yodawy, told the media that, “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. The region has come a long way over the past couple of years, but we still believe that very little is being done to address deeper infrastructure gaps. This is where Yodawy is looking to create real impact.”
The startup’s strategies clearly address fundamental challenges in healthcare sector. According to CVentures Managing Director Emad Fouad, Yodawy could become a leading digital pharmacy platform in the region.
Yodawy’s vision and strategy is in line with customer expectations. It has demonstrated remarkable results in the first year of operations. Karim Hussein, managing partner of Algebra Ventures said the startup has the potential to digitally transform the healthcare sector in Egypt and MENA.