Egyptian e-health startup Chefaa has raised an undisclosed amount of funding to help it expand its network, release a new product, and launch in new markets.
Founded in 2017 by Rasha Rady and Doaa Aref, Chefaa is an e-pharmacy platform that provides an end-to-end healthcare experience. The startup offers compliant, ethical and patient-centric services to users through several services, including its main platform and an app.
The undisclosed amount of funding comes from Newtown Partners and Global Brain, as well as GMS Capital Partners, and will be used by Chefaa to further expand its network and launch in new markets. It will also support the release of its Chefaa Prime product, a complete medical insurance alternative designed for emerging markets.
“From the start, we focused on empowering Chefaa’s ability to measure the impact of every step it takes with real data, not just for funding but for execution and scaling as well,” said Aref.
“I believe this venture round is pivotal not because it will only help us scale our validated business models, but because it will also help us capitalise on untapped market opportunities. We are confident Chefaa will dominate over a much larger market share in the next two years.”
For all of the three investors in Chefaa, this is a first move into the Egyptian market. Llew Claasen, managing partner at Newtown Partners, said Chefaa had proven an attractive proposition.
“We have found Chefaa to be compelling for its proven ability to scale across geographies, impressive traction and growth across MENA, a strong female-led team with extensive healthcare and pharmaceutical expertise, a large, engaged base of customers, as well as strong alignment with our pharmaceutical e-commerce thesis and their ability to digitise healthcare interfaces,” he said.