Aiming to provide consumers with an all-in-one health platform, Kenyan e-health startup MyDawa has raised USD 20 million from private equity investor Alta Semper Capital. This money will be used to increase its regional reach and product offerings.
MyDawa, which debuted in 2016, has expanded beyond being an online pharmacy to offer laboratory services at its growing network of walk-in pharmacies, health centers, and online and in-person consultations.
To aid other companies in the health sector in growing, it has also introduced its line of branded products. It wants to open up its technological infrastructure, from telehealth to fulfilment. It asserts to have signed agreements with some of Kenya’s largest clinic chains seeking to increase their clientele.
Another acquisition and partnership that MyDawa hopes to make as it extends outside of Kenya is Uganda’s Guardian Health. Priscilla Muhiu, the new CEO and a previous executive at Glovo Kenya will lead the expansion strategies.
Neil O’Leary, co-founder of MyDawa, commented on the finance and newest purchase: “Alta Semper’s aim absolutely matches that of MyDawa, and it brings the desire, contacts, and clout to succeed. The staff has been strengthened significantly since AAIC, a Japanese-backed African healthcare fund, joined as our first outside investor three years ago.
To combat the spread of HIV/AIDS by enhancing access to PrEP (Pre-Exposure Prophylaxis) medication, MyDawa raised $3 million from the AAIC’s Africa Healthcare Fund in 2019 and has also obtained $1.2 million grant financing from the Bill & Melinda Gates foundation.
One of the industries with the potential for significant growth in the upcoming years, according to Alta Semper CEO Afsane Jetha, is digital healthcare in Africa. With this investment, the PE company entered this market for the first time.
As their ground-breaking technology, scalable business model, regulatory expertise, and market entry experience closely matched our approach, MyDawa was the obvious choice for us. Our fundamental aim of democratising access to health and well-being across the African continent, according to Jetha, is centred on the quest to improve access to sound counsel and safe, reasonably priced drugs.
“Africa’s consumer spending is expec ted to surpass USD 2.1 trillion by 2025, creating one of the most significant economic possibilities in the world. To address this expanding need, we have a strategic goal that includes investing in locally made, reasonably priced consumer goods and services, such as MyDawa.
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