São Paulo – Yodawy, a virtual pharmacy platform in Egypt, received an investment of USD 7.5 million led by Global Venture and Middle East Venture Partners, from Dubai, in the United Arab Emirates. The information was published this Monday (12) by the Saudi news website Arab News.
Algebra Ventures and CVentures, from Egypt; P1 Ventures, from the United States; and Athaal Angel Investors Group, from Saudi Arabia, also invested in the business. These venture capital funds invest in emerging companies. Yodawy’s investment is considered Series B due to its consolidation in the market.
Yodawy is an e-commerce site that provides space for pharmacies to offer their products. Customers can buy medication and toiletries and receive them in less than 45 minutes. The platform currently has a network of over 3,000 registered pharmacies and two million users. In four years, around 800,000 orders were processed on the platform.
The CEO and co-founder of Yodawy, Karim Khashaba (pictured above), said the investment came at a time of growth for the platform. “Yodawy is driving a digital healthcare revolution in Egypt,” said he, who started the business alongside Yasser AbdelGawad and Sherief El-Feky. The management team comes from multinational companies.
Translated by Elúsio Brasileiro
