Online pharmacy MyDawa has received a Sh300 million ($3 million) funding for its countrywide expansion.
The cash from Africa HealthCare Master Fund is the first round of external financing that the company has received since it began operations in 2017.
“I am delighted to add the Africa HealthCare Master Fund to the team, which brings expertise and international reach as well as funds,” said Neil O’Leary, MyDawa founder and chairman.
Established in 2017, the Africa HealthCare Master Fund is focused on investing in the healthcare industry in Africa.
“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 Africa Health Care Master Fund Director Susumu Tsubaki.
The online pharmacy has signed up more than 80,000 registered users so far. The company was established by Irish private equity firm ION Equity with an initial capital of Sh500 million ($5 million) as an online medicine distribution platform in Kenya.
The platform has also partnered with a number of insurance companies to ensure that medical policyholders also benefit from the solution — a move that gives longevity to their insurance cover since prescription medicines are on average 20 per cent cheaper.
The medicines are delivered free by qualified professionals who give directions to patients on proper dosage and usage. The e-pharmacy also uses track and trace mechanism to allow users to authenticate products through the app with a QR code or SMS to verify its source.