Egypt's online pharmacy Yodawy secures $7.5m in funding

The company has more than 3,000 pharmacies and eight health insurers on its platform

Globally, the healthcare in IT market is expected to reach $662 billion by 2026. Pawan Singh/The National

Yodawy, Egypt's online pharmacy marketplace, has raised $7.5 million in series B funding from a group of investors, which it plans to use to expand into emerging markets.

The company, which claims to have more than 2 million users, raised the money from Middle East Venture Partners, Global Ventures and Algebra Ventures, with the participation of CVentures, P1 Ventures and Athaal Angel Investors Group.

The funding comes at a time of strong growth for the company as it continues to add more pharmacies and insurers to its platform, according to founder and chief executive Karima Khashaba.

"Yodawy is powering a digital healthcare revolution in Egypt. The digital infrastructure that we have created is breaking down silos and creating a more integrated healthcare system that better serves patients," Mr Khashaba said on Monday.

The company has more than 3,000 pharmacies and eight health insurers registered on its platform. Its partners in Egypt include international insurers such as Axa, Munich Re subsidiary MedNet, Allianz unit NextCare and MetLife.

Patients can use their insurance cards online and have their prescriptions delivered, the company said.

Globally, the healthcare information technology market is expected to reach $662 billion by 2026, from $186bn in 2019, growing at a compound annual rate of 20 per cent, according to Facts and Factors, a market research company.

The Egyptian company plans to use its latest round of funding to unveil "additional value-added offerings to its growing network of pharmacies, patients and health insurers".