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Kenya-based e-health startup MYDAWA has secured USD 3 Mn in funding from the Africa Healthcare Master Fund to expand operations in the East African country, according to a report.
The company which also passes as an online pharmacy reported that the funds – which is up to KES 300 Mn – would be used to double down on its Kenyan foothold as it sets to grow its general target of providing access to affordable healthcare with premium quality medicine, healthcare products and services.
2017-founded MYDAWA which enables consumers to easily purchase authentic medicines via its smartphone app, records this investment as its second round of external funding.
March 2017, the e-health firm raised USD 5 Mn from Irish private equity firm Ion, an investment which MYDAWA said will help it make it easy for consumers to purchase credible drugs on their computers and smartphones. The recent funding brings to total external funding to USD 8 Mn.
Basing its operations on affordability and partnerships with healthcare providers across Africa, the Nairobi-based healthtech currently boasts of more than 800,000 registered users.
The startup sources its health products from certified vendors who are usually under the endorsement of the World Health Organization. With its app, customers can authenticate products using SMS or Quick Response codes.
The startup sourced its health products from certified vendors who are usually under the endorsement of the World Health Organization. With its app, customers can authenticate products using SMS or Quick Response codes.
MYDAWA Founder and Chairman, Neil O’Leary, said that the company’s vision is to remain a trusted partner for busy Kenyans, an accomplishment which it hopes to achieve by continually providing convenient, private access to high-quality medication and wellness products at fantastic rates.
Commenting on the collaboration with their newest investor, he said: “It was imperative 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 Master Fund to the team which brings expertise and international reach as well as funds”.
The narrative from Africa Healthcare Master Fund reckoned the significance of MYDAWA’s move to leverage emerging technology to reposition the African healthcare industry, thus tackling the region’s access and affordability as regards quality healthcare.
According to the Fund Director, Susumu Tsubaki, their mission “Has always been to support healthcare related initiatives in Africa to help them accelerate their operations towards a healthy continent.”
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