Chefaa, Egypt’s patient-centric pharmaceutical benefits platform, has secured a round of funding led by Newtown Partners, Global Brain, and GMS Capital Partners.
Chefaa is raising these funds to develop its network, assist the introduction of its Chefaa Prime product, a comprehensive medical insurance alternative targeted for emerging economies, and officially launch in additional markets.
Furthermore, Chefaa’s attempts to digitise chronic illness management through a comprehensive approach to create measurable improvements in chronic patients’ quality of life will be supported by this venture round.
“From the start, we focused on empowering Chefaa’s ability to measure the impact of every step it takes with real data, not just for funding but for execution and scaling as well. I believe this venture round is pivotal not because it will only help us scale our validated business models, but because it will also help us capitalize on untapped market opportunities. We are confident Chefaa will dominate over a much larger market share in the next two years,” Doaa Aref, CEO and Founder of Chefaa says.
Why The Investors Invested
Mr Yasuhiko Yurimoto, founder, CEO and General Partner at Global Brain comments on the venture round “ There is usually a challenge to meet patient needs particularly when it comes to medicine. We believe that Chefaa’s approach of growth, which is an opportunity to enhance medical literacy through freemium service and employee benefits, is the right way and contributes to one of the severe national health problems; a shortage of providing optimum care for chronic patients.”
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“We have found Chefaa to be compelling for its proven ability to scale across geographies, impressive traction and growth across MENA, a strong female-led team with extensive healthcare and pharmaceutical expertise, a large, engaged base of customers, as well as strong alignment with our pharmaceutical e-commerce thesis and their ability to digitize healthcare interfaces,” Llew Claasen, Managing Partner at Newtown Partners, says.
Global Brain is based in Japan and has a large portfolio of 24 initial public offerings (IPOs) and 54 mergers and acquisitions (M&As) in industries such as commerce, gaming, fintech, and IoT, among others.
The three VCs are making their first foray into the Egyptian sector with this investment. Newtown Partners, based in South Africa, is an early-stage venture fund run by entrepreneurs that has invested in companies like Swyft, Reach Labs, and Blockfolio.
A Look At What The Startup Does
The female-led healthtech, founded in 2017 by Rasha Rady and Doaa Aref, is an e-pharmacy platform that provides an end-to-end healthcare experience.
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Chefaa is one of Mena’s leading pharmaceutical and wellness platforms, focusing on providing users with compliant, ethical, and patient-centric services through a variety of services, including Chefaa’s main platform and App, as well as other bespoke AI-driven solutions like Chefaa Prime, a subscription-based service that provides a seamless array of support to patients and medical customers from all walks of life and income levels.
Chefaa health Chefaa health
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer