The investment management company Azdhaar, specializing in direct investment funds, has acquired a minority stake in the medical technology company Yodawy through its fund “Azdhaar 2” for medium-term capital, with a value of 10 million dollars.
Karim Khashaba, the CEO of Yodawy, stated that his company focused on building a healthcare platform that addresses fundamental challenges in the sector, enhancing its position in the digital health field in Egypt through partnerships with insurance companies and healthcare service providers.
Khashaba added that funding is crucial to continue bringing about change, reducing healthcare costs, facilitating patient access to services, and improving their overall experience.
Yodawy provides its services to approximately 35 health insurance companies and healthcare service providers, which, in turn, have contracts with over 800 companies, 20 hospitals, and more than 30 clinics in the market.
The company also relies on 3,000 pharmacies in the market, offering services for chronic and non-chronic cases across Egypt. It has provided services for more than 6 million prescriptions since its establishment.
The investment will be directed to support the company’s growth plans, primarily expanding its customer base and capabilities to meet technologically supported medical prescriptions. This will help the management team create more added value in the healthcare services market.
Amr El Sharkawy, the CEO of Azdhaar, stated, “The company recognized an untapped opportunity in the prescription issuance sector and even delivery to patients and seized it by establishing an effective plan that has proven its efficiency in serving patients and healthcare service providers in the market.”
Azdhaar’s investor base includes a group of global institutions, led by the European Bank for Reconstruction and Development, the European Investment Bank, Bpifrance, the Dutch Development Bank, the International Finance Corporation, the Egyptian-American Enterprise Fund, and the Belgian Investment Company for Developing Countries, in addition to a group of Egyptian investors from banks and other investment institutions.