MYDAWA, an e-pharmacy platform based in Kenya and operating in the East African region, has successfully raised $20 million in funding from Alta Semper Capital. This latest round of funding represents the company’s largest fundraising event to date and signifies its ambition to expand beyond East Africa.
Established in 2016, MYDAWA offers online and physical health services and has recently acquired Guardian Health, a pharmacy chain operating in Uganda. While the acquisition cost remains undisclosed, MYDAWA states that this strategic move is part of its plan to venture into new markets.
With the addition of 19 new stores in Kampala and neighboring areas through the Ugandan arm, MYDAWA actively seeks potential acquisitions, collaborations, and promising startups across Africa. It also expresses interest in engaging with more partners and value-add investors to support its expansion efforts.
In a statement, MYDAWA highlights its partnerships with major health providers and businesses, emphasizing the growth of its own brand products sales to wholesalers, clinics, pharmacies, and supermarkets. The company is also commencing sales of its services, such as telehealth and fulfillment, in collaboration with prominent clinic chains in Kenya to extend their reach. Additionally, MYDAWA aims to develop and implement best practices for chronic care, partnering with insurers and other entities, as conditions like diabetes become increasingly prevalent in Africa. The company prides itself on providing valuable data to its partners.
Afsane Jetha, CEO of Alta Semper, comments on the investment, stating that their entry into digital healthcare in Africa aligns with their vision of democratizing access to health and wellbeing across the continent. Alta Semper considers MYDAWA an ideal choice due to its groundbreaking technology, scalable business model, regulatory expertise, and market entry experience.
Prior to this funding round, MYDAWA had raised over $9 million in previous rounds. Its initial seed round in March 2017 secured $1.5 million from Indigo Partners. Two years later, a Series A round raised $3 million from Africa HealthCare Master Fund and Indigo Partners. Towards the end of 2021, MYDAWA received $1.2 million from the Bill & Melinda Gates Foundation.
Alongside the funding announcement, MYDAWA introduces Pricillah Muhiu as its new business lead in Kenya. Muhiu, who previously served as the general manager for the Kenyan market at Glovo, is expected to drive significant expansion in both consumer and business-to-business activities, according to MYDAWA.