It’s some serious scaling and expansion time for Yodawy, which aims to become the largest medicine delivery and claims management platform in Egypt, and potentially the broader region as well.
The Cairo-based startup announced earlier in the week that it scored $1 million in a Series A round led by Algebra Ventures and CVentures. Those not familiar with the latter, CVentures is the corporate VC unit of Commercial International Bank, Egypt’s largest private bank. In all likelihood, Yodawy is the first major investment of the recently launched VC platform.
ASI Ventures, an Egyptian angel investment firm, also joined the round with significant contributions.
Speaking on the occasion, Yodawy co-founder and CEO Karim Khashaba noted: “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.”
Yodawy was launched in 2018 by Khashaba along with co-founders Sherief El-Feky, and Yasser AbdelGawad. The startup has a dedicated mobile app that enables users to browse a vast collection of medicines and personal care products before ordering them for home delivery.
Users also get the option to order medicines by just uploading a photo of their prescriptions. Currently, Yodawy has more than 2,500 pharmacy partners across 30 Egyptian cities, the number always increasing. This vast network helps the company’s users to receive medicines at competitive prices.