Kenya’s MyDawa announced that it has raised $20 million from private equity investor Alta Semper Capital. The e-health startup intends to use the new funds to expand its operations across the East African region and introduce new products with the aim of becoming a one-stop health platform for users.
The startup secured US$3 million in 2021 and a $1.2 million grant from the Bill and Melinda Gates Foundation in 2021.
MyDawa also announced the acquisition of Uganda’s Guardian Health as part of its expansion efforts.
Founded by Neil O’Leary , MyDawa is a technology based service that allows anyone buy wide range of high quality medication and wellness products affordably and conveniently from your mobile phone. It has now included online and in-person consultations, as well as laboratory services at its expanding network of walk-in pharmacies and health centres.
Additionally, the company has introduced its own branded products and intends to expand its technology infrastructure beyond telehealth to fulfilment, offering assistance to other health sector businesses to expand their operations. It claims that it has already signed agreements with major clinic chains in Kenya that are seeking to broaden their coverage.
According to Neil O’Leary, “Alta Semper’s ambition exactly matches that of MyDawa, and it brings the drive, connections and clout to succeed. Three years ago, AAIC, a Japanese-backed African healthcare fund, joined as our first external investor and now the team has been augmented in the strongest manner possible.”
“MyDawa now has both a solid secure base and a great expansion opportunity based on a great offering which improves health outcomes. Guardian is a great first step on fulfilling our ambition,” O’Leary added.
“MyDawa was the logical choice for us as their groundbreaking technology, underpinning a scalable business model, along with regulatory knowhow and market entry experience, mapped so well to our own strategy. The drive to increase the access to good advice and safe and affordable medication is core to our overall mission of democratizing access to health and well-being across the African continent,” said Alta Semper CEO Afsane Jetha.
“With consumer spending in Africa projected to reach $2.1 trillion by 2025, this represents one of the continent’s largest business opportunities. Therefore, the investment into MyDawa is part of our strategic aim at meeting this growing demand by investing in locally produced and value-priced consumer goods and services.”
