Kenyan e-health startup MYDAWA has raised US$3 million in funding from the Africa HealthCare Master Fund for accelerating a planned countrywide expansion.
Founded in 2017, MYDAWA enables consumers to conveniently purchase authentic high-quality medicines, health and wellness products through partnerships with healthcare practitioners and suppliers. It has signed up over 80,000 registered users.
The startup has now raised its first round of external funding from the Africa HealthCare Master Fund, also established in 2017 and an investor in healthcare and related across the continent. The US$3 million round will assist MYDAWA in expanding across Kenya, and further advancing its vision of providing access to affordable, genuine and high-quality medicine and healthcare products.
“Our goal at MYDAWA has always been to be trusted partner for busy Kenyans by providing convenient, private access to authentic medication and wellness products at 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. I am delighted to add the Africa HealthCare Fund to the team which brings expertise and international reach as well as funds,” said Neil O’Leary founder and chairman of MYDAWA.
Africa HealthCare Master Fund director Susumu Tsubaki said it was commendable that startups such as MYDAWA were 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,” he said.
“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.”
MYDAWA users are assured of genuine medicines and products as the application has secured the entire supply chain by getting medicines and other products directly from manufacturers and branded drugs that are made by World Health Organisation (WHO) approved centres, tackling the counterfeit issue in the market.
A unique track and trace mechanism have also been put in place to allow users to authenticate products through the app with a QR code or SMS to verify its source and genuineness. All products and medicines are secured with tamperproof seals that contain the scratch to reveal authentication code.
“We remain focused on building a platform that enables Kenyans to access quality medication and products without having to dig deeper into their pockets,” said MYDAWA managing director Tony Wood.
The startup has also partnered with a number of Insurance companies to ensure that medical policy holders also benefit from the solution, giving longevity to their insurance cover since prescription medicines are on average 20 per cent cheaper. Insurance companies are also beneficiaries as there are less fraudulent and illegitimate claims.