Egyptian E-health startup, Yodawy, secures US$7.5mn Series B funding
Yodawy, an e-health startup, has raised a US$7.5mn Series B funding round led by Middle East Venture Partners (MEVP), Global Ventures, and Algebra Ventures. Egypt’s CVentures, P1 Ventures, and Athaal Angel Investors Group, also participated in the deal.
Yodawy plans to utilize the latest funds to launch new products and grow into other countries, according to a statement from the firm, which did not disclose the markets the startup is eyeing for expansion.
Read also: Moroccan Digital Trust Startup, Damanesign, Secures $450K From Maroc Numeric Fund
Yodawy, according to Jad El Boustani, Managing Director of MEVP, is well-positioned to automate the healthcare industry by seamlessly linking insurance companies, pharmacists, and patients.
He also described Egypt as one of the most potential markets in the Middle East and North Africa (MENA), adding that MEVP plans to invest in further prospects there.
“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,” Karim Hussein, a Managing Partner at Algebra Ventures, Yodawy’s first backer, said.
Click here to find out more!
Customers can order drugs and other healthcare supplies using the portal. Through a real-time AI-powered approval engine, their pharmacy benefit management service connects pharmacies, health insurance providers, and patients.
“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,” Amal Enan, Managing Director of Global Ventures, said.
Patients can make use of the service by registering their insurance cards, requesting medications, and receiving immediate approvals — after which the medications are delivered to their door.
Yodawy helps pharmacies increase their sales by allowing them to offer drugs online. It now has a network of over 3,000 pharmacies and has delivered over 800,000 orders. Eight of Egypt’s largest insurance firms, including Axa, MetLife, and MedNet, are among Yodawy’s insurance partners.
Doctors can issue digital prescriptions for their patients using a specific app (for doctors by Yodawy) that includes details like dosage, frequency, and duration. They can also use the software to develop prescription templates for the most common types of cases, which they can reuse to save time.
What You Need To Know About Yodawy
Yodawy, a digital pharmacy marketplace founded in 2018 by Karim Khashaba, Sherief El-Feky, and Yasser AbdelGawad, services all stakeholders in the healthcare ecosystem, including customers, insurance providers, pharmacies, doctors, and pharmaceutical/FMCG businesses.
Read the original article here
