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Egyptian e-Pharmacy Startup, Yodawy, Raises $7.5 million Series B Round

July 13, 2021

Egypt is teeming with an increasing number of e-health startups. Joining Africa’s most funded healthtech startup Vezeeta in its quest to conquer the Egyptian health-tech ecosystem is the Cairo-based e-pharmacy startup, Yodawy, which has announced it has raised $7.5 million in a Series B round led by Middle East Venture Partners (MEVP), Global Ventures, and Algebra Ventures. Egypt’s CVentures, P1 Ventures, and Athaal Angel Investors Group, also participated in the deal.

Amal Enan, Managing Director of Global Ventures

Yodawy plans to utilize the latest funds to launch new products and grow into other countries, according to a statement from the firm, which did not disclose the markets the startup is eyeing for expansion.

Why The Investors Invested

Yodawy, according to Jad El Boustani, Managing Director of MEVP, is well positioned to automate the healthcare industry by seamlessly linking insurance companies, pharmacists, and patients. He also described Egypt as one of the most potential markets in the Middle East and North Africa (MENA), adding that MEVP plans to invest in further prospects there.

Karim Hussein, a Managing Partner at Algebra Ventures, Yodawy’s first backer, said, “Since our initial investment, Yodawy has created an innovative platform for delivering medication and managing claims throughout Egypt. Their unique digital services are essential to powering the next growth phase of health insurance in Egypt and similar emerging markets.”

Amal Enan, Managing Director of Global Ventures, added, “Yodawy is the only player with both B2C and B2B insurance and pharma products and holds a leading market position with its end-to-end offerings. The business has been hugely successful in Egypt, and we are looking forward to supporting Yodawy as it enters new markets in the MENA region, and beyond.”

A Look At What The Startup Does

Yodawy, a digital pharmacy marketplace founded in 2018 by Karim Khashaba, Sherief El-Feky, and Yasser AbdelGawad, services all stakeholders in the healthcare ecosystem, including customers, insurance providers, pharmacies, doctors, and pharmaceutical/FMCG businesses. Customers can order drugs and other healthcare supplies using the portal. Through a real-time AI-powered approval engine, their pharmacy benefit management service connects pharmacies, health insurance providers, and patients.

Patients can take use of the service by registering their insurance cards, requesting medications, and receiving immediate approvals — after which the medications are delivered to their door.

Yodawy helps pharmacies increase their sales by allowing them to offer drugs online. It now has a network of over 3,000 pharmacies and has delivered over 800,000 orders. Eight of Egypt’s largest insurance firms, including Axa, MetLife, and MedNet, are among Yodawy’s insurance partners.

Doctors can issue digital prescriptions for their patients using a specific app (for doctors by Yodawy) that includes details like dosage, frequency, and duration. They can also use the software to develop prescription templates for the most common types of cases, which they can reuse to save time.

Yodawy e-pharmacy Yodawy e-pharmacy

Despite Threats, Egypt’s Vezeeta Expands Into ePharmacy, Plans To Pour $25m Into Egyptian Market

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

Nigerian Healthtech Startup Helium Health Raises $10 Million From Dubai- based VC

May 2, 2020

In the heat of the raging coronavirus pandemic, Nigeria health startup Helium Health, which uses technology to strengthen the services and solutions offered by hospitals in West Africa, has secured $10 million investment from the Dubai-based Global Ventures and the Japanese VC Asia Africa Investment and Consulting. The investment is coming as investors are scouring deeply into startup ecosystems for health-related startups amid the coronavirus outbreak.

“Now is the time for the healthcare system to embrace innovative, technology-driven solutions of which our Electronic Medical Records solution is one, to increase positive healthcare outcomes.’’ Helium Health tweeted.

Here Is All You Need To Know

This is the first equity investment in the health technology sector Global Ventures, the Dubai-based VC would be making in emerging markets. The venture capitalist partnered with Asia Africa Investment and Consulting.
Also participating in this round is previous investor, China’s Tencent according to Noor Sweid, general partner and founder at Global Ventures said.
Their joint contribution will help the startup finance the development of its solutions and tools for healthcare professionals.
The startup has an impressive funding history. In 2017, it raised $50,000 from Google. It received another $120,000 as a cohort of the YCombinator programme, and according to Forbes, it also raised $2 million in funding from investors including Tencent, WTI, Venturesouq & Greenhouse Capital.

*Prior to the coronavirus, investment in Africa’s healthcare startups has been low compared to other sectors*

Why The Investors Invested

This investment is remarkable because it shows VCs are currently, desperately scouting for healthcare startups. This investment in Helium Health will be Global Ventures’ first investment in any health technology firm. Previously, the Dubai-based firm has 14 different investments in companies including fintech startups.

“What we are passionate about now is health technology. It will be for the next five years, what fintech has been for the past five years, “said Noor Sweid, partner of Global Ventures, commenting on the investment made by the firm

Other investors are also eyeing the healthcare sector.

The venture capital arm of Abu Dhabi state investor Mubadala plans to launch a healthcare fund next year to tap into increased demand for investment in life sciences and digital health technology following the coronavirus outbreak.

A Look At What Startup Helium Health Does

Based in Lagos and founded in 2014 by three Nigerians, Goke Olubisi, Tito Ovia and Dimeji Sofowora, Helium Health has developed telemedicine tools as part of the current health crisis that facilitate access to information and test results for patients with covid-19.

“Healthcare can be a form of revenue to a country if proper investment is made in preserving the quality of data. With accurate data, the right kind of budget can be made, we get to do research and a lot more,’’ said co-founder Tito Ovia.

“Only 30% of hospital visits across Africa are recorded so it’s a massive need in the market,” she said.

Helium Health was previously alumni of the Google LaunchPad programme and the prestigious YCombinator accelerator programme. The startup says it now covers more than 300 health facilities across Nigeria, and has over 5,000 medical professionals in its database. It also says it has recorded over 165,000 encounters with patients.

“Since 2016, Helium Health has taken hospitals, clinics and other health facilities digital almost instantly using our flagship Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product. Now, our intuitive and versatile suite of technologies is enabling Providers utilize telemedicine and receive additional financing, Payers validate beneficiaries and process claims quicker, Patients take control of their care, and other Partners receive unprecedented epidemiological insights and real-world evidence, all resulting in significantly better quality of care,’’ the startup noted on its website.