Cairo-based medicine delivery startup on Tuesday raised $1 million funding in a Series-A round led by Algebra Ventures and CVentures along with an Egyptian angel investor ASI Ventures as a backer. The startup didn’t share any details regarding the deployment of funds yet.
Yodawy was founded last year by Karim Khashaba (CEO), Sherief El-Feky (CTO) and Yasser AbdelGawad (CPO).
Khashaba is a former consultant at Booz & Company, holding over 10 years of experience, El-Feky is a full-stack developer and software architect, and AbdelGawad holds over 12 years of experience in digital conversion marketing and product design across Europe and the Middle East.
The startup offers a mobile app for iOS and Android that lets users order medicines and personal care items from their nearest pharmacies. The app has a network of over 2500 partner pharmacies across 30 cities in Egypt which makes it the largest medication app in Egypt. Back in may, Yodawy won the Sanofi pitch competition at VivaTechnology 2019.
The application also provides medical insurance and co-payment plans. Adding to which Khashaba said…
“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,”
Emad Fouad, Managing Director at CVentures said…
“Yodawy has the potential to become a leading digital pharmacy benefits platform in the region. It’s clear go-to-market addresses fundamental problems experienced by all stakeholders. Their clear go-to-market addresses fundamental problems experienced by pharmacies, insurance companies and their respective customers, effectively adding significant value to all stakeholders. CVentures is excited at the prospect of working closely with Yodawy, and we look forward to helping the Founders achieve their vision and roll-out of additional innovative offerings.”
ⓘ Image source: Magnitt