Egyptian e-health startup Yodawy has raised a US$7.5 million Series B funding round to help it expand its product offering and enter new markets.
Founded in 2018, Yodawy has introduced a benefits management platform for pharmacies that enables the entire healthcare ecosystem – insurance companies, pharmacies, and pharmaceuticals – to serve a wider customer base, faster.
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 offerings. It has over two million users on its platform.
“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.
Having raised a US$1 million funding round back in 2019, Yodawy has now raised a US$7.5 million Series B round to help it scale further. The round was led by Middle East Venture Partners, Global Ventures and Algebra Ventures, with the participation of CVentures, P1 Ventures, and Athaal Angel Investors Group.
Yodawy plans to use the funding to introduce additional offerings for its growing network of benefactors, and expand into new markets.
“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.