Yodawy, an Egyptian e-health startup, has raised US$7.5 million in a Series B funding round to expand its product offering and reach new markets.
With participation from CVentures, P1 Ventures, and Athaal Angel Investors Group, the startup, which claims to have over 2 million users, raised the funds from Middle East Venture Partners, Global Ventures, and Algebra Ventures.
Yodawy, a pharmacy benefits management platform, was launched in 2018 and allows the entire healthcare ecosystem insurance providers, pharmacies, and medicines to service a larger customer base, quicker.
“In Egypt, Yodawy is driving a digital healthcare revolution, Yodawy founder and CEO Karim Khashaba stated, “The digital infrastructure that we have established is breaking down walls and building a more connected healthcare system that better serves patients.”
On its platform, more than 3,000 pharmacies and eight health insurers are registered. International insurers like as Axa, Munich Re subsidiary MedNet, Allianz unit NextCare, and MetLife are among its Egyptian partners.
“With its end-to-end services, Yodawy is the only provider with both B2C and B2B insurance and pharma goods, and it enjoys a dominant market position. Amal Enan, managing director of Global Ventures, stated, “The firm has been very successful in Egypt, and we look forward to helping Yodawy as it penetrates new markets in the MENA region and beyond.”
Yodawy has raised a US$7.5 million Series B round to help it develop further after raising a US$1 million funding round in 2019.
Yodawy intends to use the funds to expand into other markets and create new offerings for its increasing network of benefactors.