This archive report was first published on 14 November 2019.
On November 14, 2019, Yodawy, Egypt's largest online medication ordering and pharmacy benefits platform, secured $1 million in a Series A funding round to transform the healthcare industry.
The funding round was led by Egypt's Algebra Ventures and CVentures, with participation from ASI Ventures, an Egyptian angel investor firm.
Founded in 2018, Yodawy is led by CEO Karim Khashaba, a former consultant at Booz & Company with over 10 years of experience, CTO Sherief El-Feky, a veteran full stack developer and software architect, and CPO Yasser AbdelGawad, who brings 12 years of experience in digital conversion marketing and product design across Europe and the Middle East.
“There is an incredible opportunity in the pharmacy benefits and claims processing space. It’s an established business model in different parts of the world, with no real solution in the region. Consumers and insurance companies alike are absolutely desperate for a better value proposition,” says Karim Khashaba, Yodawy’s co-Founder and CEO.
Yodawy has managed to scale from zero to almost half a million orders in less than 12 months, all without prior access to venture capital. The platform enables users to browse and order medications and personal care products through a mobile app, with orders routed to the best matching pharmacy across a network of 2500+ nation-wide partners.
Yodawy is operational in 30 cities across Egypt with a network of 2500+ pharmacies, and partners including leading insurance providers with the potential to extend insurance coverage to tens of thousands of patients.
