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Egyptian healthcare startup raises $16m in latest funding round

Yodawy
Yodawy's revenue grew by 400% in 18 months since its series A round

Egypt’s digital healthcare startup Yodawy has raised $16 million in the first close of its Series B round, the company said in a statement. 

The round was co-led by Delivery Hero Ventures, the venture capital arm of food delivery platform Delivery Hero, and UAE-based Global Ventures. 

Japan’s AAIC Investment and Saudi-based Dallah Albaraka also participated in the new round. Middle East Venture Partners, C-Ventures, and P1 Ventures, who invested in the Series A fundraise, took part in the current round. 

In the 18 months since its Series A round, Yodawy has grown revenue by 400 percent and has partnered with 20 health insurance companies, 3,000 pharmacies, and more than 300 corporates in Egypt. 

The company has built a nationwide and tech-powered fulfillment infrastructure to reach patients across Egypt and launched a flagship e-prescription gateway. 

The gateway allows physicians to go paperless, with seven insurance companies and health management organisations participating in the program resulting in more than 2,000 e-prescriptions generated daily.  

Karim Khashaba, co-founder and CEO of Yodawy, said: “Yodawy is disrupting how prescriptions are produced digitally, by doctors, processed by payers, and delivered to patients’ homes.”

Yodawy will continue to invest heavily in building one of the most inclusive and sophisticated pharmaceutical value chains across the Middle East and Africa’s $100 billion pharmaceutical market, he added.

The proceeds will fuel the growth of Yodawy’s care program for chronic patients, offering monthly medication refills to enrolled patients and processing daily deliveries nationwide across 38 cities in Egypt. 

Beyond Egypt, Yodawy will also ring-fence part of the proceeds to finance its regional expansion.

Brendon Blacker, managing partner at Delivery Hero Ventures, added: “With its innovative business model and rapidly growing customer base, Yodawy is ideally positioned to impact the lives of millions of people who have been underserved by traditional healthcare providers.”  

The latest funding raises the four-year-old company’s total capital to $24.5 million.   

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