Kenyan healthtech company, MYDAWA, has just raised $3 million in its Series A round of funding. The round of funding was led by Africa HealthCare Master Fund, an investment platform that invests in healthcare companies across Africa.
The new round of funding means the 2-year-old company has now raised $8 million in funding, having raised $5m in a venture round according to CrunchBase.
Founded in 2017 by Neil O’leary, MYDAWA is like an e-commerce platform strictly for health services. The startup allows anyone buy a wide range of high quality medication and wellness products affordably and conveniently from their mobile phone. These products are provided through partnerships with healthcare practitioners and suppliers.
The startup also ensures that all the drugs on its platform are genuine by acquiring them directly from manufacturers approved by the World Health Organisation (WHO). The startup also has a track and trace mechanism in place which allows users verify and authenticate products through the app with a QR code or SMS. The platform achieves this through aunthentification codes secured by tamper proof seals.
Additionally, users get what they want delivered for free and by qualified professionals.
“Our goal at MYDAWA has always been to be trusted partner for busy Kenyans by providing convenient, private access to authentic medication and wellness products at very good value,” MYDAWA CEO, Neil O’Leary says.
“It was very important that a new partner shared this goal which is inspired by the Kenyan aim of improving access to healthcare for all. I am delighted to add the Africa HealthCare Fund to the team which brings expertise and international reach as well as funds,” he concluded.
In just 2 years of operation, MYDAWA has witnessed immense growth, signing up over 80,000 registered users. And now, with this funding the startup is looking at a countrywide expansion.
“It is commendable that start-ups such as MYDAWA are leveraging on the power of new technologies to disrupt the healthcare industry to tackle the region’s challenges of access, quality and affordability of healthcare.”Susumu Tsubaki, Africa Health Care Master Fund Director
In addition, the startup has also partnered with a number of Insurance companies to ensure that medical policy holders get to benefit from this solution, giving longevity to their insurance cover since prescription medicines are on average 20% cheaper.
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