MYDAWA, a Kenyan healthtech startup, has raised $3 million from Africa HealthCare Master Fund. The new funds will be used to scale its operations across the East African country by providing more access to affordable, genuine and high-quality medicine as well as health care products.
The startup also disclosed that it has partnered with some Insurance companies to ensure that medical policy holders benefit from the solution. This gives longevity to their insurance cover since prescription medicines are on average 20% cheaper.
The insurance companies are also beneficiaries as there are less fraudulent and illegitimate claims. For customers with no insurance cover, a partnership with innovative payments processing solution iPay Limited has increased customer payment options such as through loyalty points, Equitel, Mastercard, PesaLink, and VISA.
Founded in 2017 by Neil O’Leary, this is the first external funding the startup is raising since it was established since
In his remark on the funding, O’Leary said: “Our goal at MYDAWA has always been to be trusted partner for busy Kenyans by a providing convenient, private access to authentic medication and wellness products at a very good value. 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.
Our goal has always been to be a trusted partner for a healthy Kenya through the provision of quality & affordable health products. Read about how we have secured investment from the Africa HealthCare Master Fund to help us continue our mission.https://t.co/HVHRPSr81F#LiveWell
— MYDAWA (@MyDawaApp) May 9, 2019
“I am delighted to add The Africa HealthCare Master Fund to the team which brings expertise and international reach as well as funds.”
Also commenting on the new investment, MYDAWA Managing Director Tony Wood said, “We remain focused on building a platform that enables Kenyans to access quality medication and products without having to dig deeper into their pockets”.
Commenting on the new partnership, Africa Health Care Master Fund Director Susumu Tsubaki said, “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.
“Our mission has always been to support healthcare related initiatives in Africa to help them accelerate their operations towards a healthy continent.”
“Kenya is seen as a leader in innovation and with solutions such as MYDAWA, the future of healthcare in Kenya and Africa is set for transformation where access to affordable and safe healthcare products will be experienced by all,” said Susumu Tsubaki.
Since officially launching in 2017, MYDAWA has continued to experience tremendous growth and has signed up over 80,000 registered users.
