Egyptian e-health startup Chefaa has just joined startup fund-raising bandwagon. Chefaa has just closed a six-figure US dollar seed funding round from Flat6Labs and 500 Startups as it plans geographic expansion and the rollout of more products.
Here Is All You Need To Know
- The undisclosed investment is a six-figure US dollar amount which came from Flat6Labs and 500 Startups.
- The startup had earlier listed that it was aiming a $150K seed funding target, convertible to 9% equity.
- The investment will be used to help the startup expand both geographically and in terms of its product offering.
“We are currently serving nine Egyptian cities, including Delta and Upper Egypt, and we plan to cover Egypt totally by the end of this year. We will start our expansion plans to the Gulf Cooperation Council (GCC) region by the end of this year as well,” said Dr. Rasha Rady, co-founder and chief operating officer (COO) of Chefaa.
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What Chefaa Does
- Chefaa was founded in May 2017.
- Chefaa says it is a vision-driven company that helps patients order/schedule and refill their recurring medicine in a GPS-enabled 3-step user journey.
- The startup also helps patients locate medicine by real time search engine.
- In addition to the 1st medicine dedicated CSR platform to match donations to help chronic patients of low income get their recurring medicine.
- Chefaa’s services also extend to non-pharmaceuticals via our e-commerce marketplace.
With our AI structure we are the 1st medical data warehouse in MENA (HIPAA compliant) aiming to help decision makers with data-driven solutions, the startup noted.
- Users can locate medicine using a real-time search engine, make orders, and schedule deliveries with a GPS functionality.
- It also runs a medicine-dedicated CSR platform to match donations with low-income patients.
- Chefaa received pre-seed funding from Flat6labs Cairo in 2018, as well as a social impact grant from the StartEgypt initiative, and has now closed its seed round.
- Chefaa is free to use for patients, with the startup charging pharmacies a commission fee on transactions and a monthly subscription fee in case of scheduled monthly packages for chronic patients. It also charges monthly subscription fees to medical and pharmaceutical organisations in return for access to insights.
“In just 12 months we have fulfilled more than 93,000 orders through over 800 pharmacies, and generated total sales of more than US$1 million,” said Rady.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.