Kenyan online pharmacy startup MYDAWA has raised $20 million in funding to expand operations across East Africa, and as well expand its product offerings.
The funds were raised by private equity investor Alta Semper Capital, a dedicated frontier-market private equity firm investing flexible and strategic capital in healthcare and consumer opportunities across African growth markets.
Speaking on the funding, MYDAWA CEO Neil O’Leary said, “Alta Semper’s ambition exactly matches that of MYDAWA, and it brings the drive, connections, and clout to succeed. Three years ago, AAIC, a Japanese-backed African healthcare fund, joined as our first external investor and now the team has been augmented in the strongest manner possible. MYDAWA now has both a solid secure base and a great expansion opportunity based on a great offering that improves health outcomes. Guardian is a great first step in fulfilling our ambition”.
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MYDAWA is also partnering with other major health providers and businesses. Sales of its services, from telehealth to fulfillment, are commencing with some of Kenya’s biggest clinic chains to expand their reach. It is partnering with insurers and others to develop and fulfill best practice chronic care as illnesses such as diabetes become an increasing issue in Africa.
Also commenting on the funds invested in MYDAWA, Alta Semper’s CEO, Afsane Jetha, said, “This investment marks our entry into digital healthcare in Africa, which we see as a major growth area across Africa in the coming years. MYDAWA was the logical choice for us as their groundbreaking technology, underpinning a scalable business model along with regulatory know-how and market entry experience, mapped so well to our strategy. The drive to increase access to good advice and safe and affordable medication is core to our overall mission of democratizing access to health and wellbeing across the African continent.”
Launched in 2017, MYDAWA is founded on the premise of Live Well, stay Well, and get Well, to ensure that every Kenyan can get quality, secure, and affordable medicine and wellness products online. The firm has grown to become a fully regulated one-stop shop for healthcare with access to consultations, tests, referrals, and a continuous help desk, all accessed by whatever channel suits the customer.
It has a team of pharm techs and pharmacists on call to help clients understand their prescriptions. They are highly trained with versed experience in the pharmaceutical industry and will ensure that customers start on the right foot to getting back to health.
MYDAWA also has a customer care team that is dedicated to ensuring clients get medicine orders on time and that they receive the best service. The startup also offers a wide range of quality prescription medicine, over-the-counter medicine, and supplements that are ideal for customers at affordable prices.
It has diversified from an e-pharmacy to include online and in-person consultations, as well as laboratory services at its expanding network of walk-in pharmacies and health centers.
Notably, the online pharmacy store has also launched its own branded products and plans to open up its technology infrastructure from telehealth to fulfillment, helping other businesses in the health sector to scale.
With the recent funds raised, it will play a pivotal role in establishing MYDAWA as a dominant force in the healthcare industry, expanding its range of product offerings.
good stuff