Egyptian healthtech Chefaa recently secured a $5.25 million investment in a funding round co-led by Newtown Partners (South Africa) and Global Brain (Japan). Other notable investors include GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan). Founded in 2017 by Rasha Rady and Doaa Aref, Chefaa is a female-led e-pharmacy platform that aims to provide an end-to-end healthcare experience.
The primary purpose of this substantial investment is to fuel Chefaa’s expansion, particularly in Saudi Arabia, where it has recently launched operations in eight cities. The funds will be utilized to strengthen its presence in the kingdom and scale various models designed to digitize the healthcare supply chain. The investment is strategic, aligning with Chefaa’s mission of leading the safe digital transformation of healthcare through a patient-centric and comprehensive approach.
Why The Investors Invested
Investors committed a significant amount to Chefaa based on its demonstrated success and growth in the challenging healthcare sector. The reasons for this investment are rooted in Chefaa’s ability to improve healthcare accessibility in Egypt and its successful entry into the Saudi market. Investors expressed confidence in Chefaa’s innovative strategies, citing its commitment to innovation, data leverage, and impactful partnerships with major pharmaceutical players.
Newtown Partners, represented by Managing Partner Llew Claasen, emphasized their conviction in the capabilities of Chefaa’s founders and the massive opportunity to improve healthcare access in the Gulf Cooperation Council (GCC) and Sub-Saharan Africa (SSA) through digitization.
Global Brain Corporation’s Director of Investment Group, Hiroto Sorita, acknowledged Chefaa’s growth in a challenging business climate, affirming the company’s position as a leading patient-centric service provider in the region. GMS Capital Partners LLC CEO Yezan Haddadin highlighted Chefaa’s commitment to innovation and its impact on reshaping the future of healthcare delivery in the region.
Verod-Kepple Africa Ventures Partner Ryosuke Yamawaki expressed the firm’s belief in Chefaa’s unique position to transform the retail pharmaceutical supply chain in Africa, underscoring its potential to become a critical business infrastructure in the broader Gulf region.
A Look at Chefaa
Founded in 2017 by Rasha Rady and Doaa Aref, Chefaa is an Egyptian healthtech startup specializing in e-pharmacy. The platform operates as a patient-centric pharmacy benefits platform, offering an end-to-end healthcare experience. Chefaa recently expanded its operations into Saudi Arabia, operating in eight cities.
Chefaa’s mission is to lead the safe digital transformation of healthcare by prioritizing market needs, overcoming continuous challenges, and designing new services and features aligned with its vision and mission. The startup has garnered investor confidence through its impactful strategies, commitment to innovation, and measured impact on healthcare accessibility. CEO Doaa Aref expressed gratitude for investor support, emphasizing their shared passion and belief in Chefaa’s vision and mission.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.