Egypt-based HealthTech startup Yodawy announced the closure of its Series B round on a high note earlier this week. The round led by MEVP, Global Ventures, and Algebra Ventures, has added $7.5 million to the startup’s valuation. Other investors to have participated in the round included CVentures, Athaal Angel Investors Group, and P1 Ventures.
Yodawy was launched in 2018 as a unique platform offering a benefits management mechanism for pharmacies. This offering soon proved its merits by enabling the entire healthcare ecosystem consisting of insurance providers, pharmaceutical/FMCGs, and pharmacies to cater to a much wider customer base at a far superior speed.
Without delivering into the technical nitty-gritty the startup essentially operates as a multi-layer platform from different benefactors.
For example, it allows patients to have their medicines and other healthcare products/services delivered in a timely manner while simultaneously boosting sales figures of pharmacies as they start leveraging the e-commerce model. Insurance companies are also among the biggest beneficiaries of Yodawy’s platform as it enables them to automate approvals.
With more than 2 million users, 3,000 pharmacies, and 8 leading health insurance companies reportedly already on board, Yodawy seems to be making steady progress in its larger objective of democratizing the healthcare market for patients.
The startup’s proprietary AI-powered technological infrastructure is further enhancing its ability to serve both b2b and b2c customers in a more efficient manner.
Speaking on Yodawy’s potential and its success so far in the market, Managing Director of MEVP, Jad El Boustani, noted, “Yodawy is uniquely positioned to digitize the health-tech space by connecting insurance companies, pharmacies, and patients in a seamless and efficient way. At MEVP, we believe that Egypt is one of the most promising markets in the MENA region and look forward to investing in additional amazing opportunities there.”