Yodawy, a digital healthcare startup led by Egyptian entrepreneur Karim Khashaba, has achieved a significant milestone by successfully securing $16 million from a group of investors in its first close of the Series B funding round.
With its pioneering pharmacy benefit management platform that leverages technology, top-notch pharmacists, and cutting-edge logistics, the startup has established itself in the MENA region and is now poised for further growth and expansion into new markets.
The Series-B funding round, co-led by the UAE-based venture capital firm Global Ventures, known for its investments across the Middle East and Africa, raised the startup’s total capital to $24.5 million. This marks a milestone in the four-year journey of the startup.
With the $16-million capital injection, Yodawy plans to bolster its care program for chronic patients, enabling further growth and development. A portion of the investment will also be directed towards streamlining the startup’s operations through automation as well as financing its ambitious expansion into new regions.
Karim Khashaba, co-founder and CEO of Yodawy, commented on the latest development, stating: “Our focus on products that solve fundamental challenges in the sector has enabled the company to become the leading digital pharma powerhouse in Egypt and the partner of choice for insurance companies and payers at large.”
He also added that Yodawy will persistently invest substantial resources in constructing a comprehensive and advanced pharmaceutical value chain that covers the $100 billion pharmaceutical market in the Middle East and Africa, with a focus on creating an inclusive environment for all stakeholders.
Since its launch in 2018, Yodawy has revolutionized the healthcare industry by processing an impressive 4 million prescriptions and establishing partnerships with over 3,000 pharmacies.
By leveraging technology to seamlessly integrate healthcare players, Yodawy has successfully managed its vast network of pharmacies to streamline complex supply chain operations.
This has enabled the startup to provide essential medication to over 50,000 recurring chronic patients every month, saving them over 100,000 hours of waiting in queues to receive their medication.
