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Egyptian health tech Yodawy raises $16M, backed by Delivery Hero Ventures
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Without proper government-led public health initiatives, healthcare expenditures, including insurance and pharmaceutical drugs, can burden individuals and households. In recent years, private institutions have played a massive part in the considerable uptake of medical insurance and medicines and also in lowering the costs of getting them across Egypt, the largest producer of pharmaceuticals across the MENA region whose pharma market is set to reach $6 billion in value this year. The Global Ventures–backed Yodawy is one such private player, and the pharmacy benefits manager has raised a $16 million Series B round.
Egyptian e-pharmacy firm Yodawy has raised $16m in a series B round, led by UAE-based venture capital firm Global Ventures and Delivery Hero Ventures, the venture arm of food delivery platform Delivery Hero. Yodawy co-founder Karim Khashaba said the funds would be used to expand in the Middle East and Africa, where the pharma market is worth $60bn. Yodawy's platform allows insurance companies and hospitals to automate approvals and pharmacies to improve sales via its e-commerce platform. It has become the primary partner for 300 corporate clients in Egypt and has 4 million prescriptions processed via its platform. The firm's revenue has grown by 400% in the past 18 months.
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