Startup News

Medical Delivery Start-up, Yodawy Raises $1 million Series-A Funding

Yodawy - cfamedia

Yodawy, an Egyptian medical delivery and digital claims startup based in Cairo has raised $1-million in Series-A funding.

The round was led by CVentures and Algebra Ventures, two of the country’s venture capital firms.

This is the first of the medical delivery start-up external funding round.

Founded in 2018 by the trio of Yasser AbdelGawad, Karim Khashaba and Sherief El-Feky.

Users on the Yodawy, through its Android and iOS apps, they can order for medicine and other personal health care products from pharmacies close by.

These pharmacies have connections with Yodawy’s network with over 2000 partners across not less than 30 cities in Egypt.

The app also enables its users to execute medical insurance co-payment plans. Karim Khashaba believes that a myriad of opportunity is available in the claims processing and pharmacy space.

“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,” Khashaba emphasised

According to Karim Hussein, Managing Partner at Algebra Ventures, Yodawy has so far delivered and fulfilled its promises to its users. In its first year of operations, it has made some progress.

Emad Fouad, Managing Director, CVentures noted that the medical and digital claims startup can become North Africa’s leading venture in digital pharmacy.

The Managing Director further added that Yodawy’s go-to-market plan was clearly defined from the beginning as its solves basic challenges encountered by pharmacies and insurance platforms, alongside their customers.

ASI Ventures, an Egyptian angel investor also took part in the Series-A funding. The medical and claims startup emerged champions at the VivaTechnology pitch competition held in May 2019.

Featured Image: Menabytes

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