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Cairo-based medicine delivery and digital claims startup Yodawy has, in its first external funding deal, raised $1-million in a Series-A round led by Egyptian venture capital firms Algebra Ventures and CVentures.
Egyptian angel investor firm ASI Ventures also participated in the funding round.
It’s not yet clear what Yodawy will use the funding for.
Ventureburn today sought comment from the startup on this, and other questions about its business, but had not received a response at the time of publication.
Yodawy was founded in 2018 by Karim Khashaba, Sherief El-Feky and Yasser AbdelGawad
Yodawy was founded last year by Karim Khashaba, Sherief El-Feky and Yasser AbdelGawad.
The startup, through its iOS and Android apps, enables users to browse and order medicine and personal care products from the nearest pharmacy from across its network of more than 2500 partners situated across 30 cities in Egypt.
The startup’s app also supports medical insurance co-payment plans.
Khashaba said in a statement earlier today that there is an “incredible opportunity” in the pharmacy benefits and claims processing 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,” he added.
Algebra Ventures managing partner Karim Hussein said the startup, with its vision, strategy and “outstanding progress”, has been able to deliver “outstanding results” in its first year of operations.
CVentures managing director Emad Fouad said the startup has the potential to become a leading digital pharmacy benefits platform in the region.
Fouad added that Yodawy’s clear go-to-market addresses fundamental problems experienced by pharmacies, insurance companies and their respective customers, effectively adding significant value to all stakeholders.
Yodawy won the Sanofi pitch competition at VivaTechnology 2019 in May.
Featured image: Rural Health Professions Action Plan via Flickr (CC BY 2.0)