Kenyan e-health startup MYDAWA, founded by Irishman Neil O’Leary, has raised US$3 million in funding from the Africa HealthCare Master Fund to help accelerate its expansion across Kenya.
This is the first round of external funding the company has accepted since its inception in 2017.
Established in 2017, MYDAWA enables consumers to conveniently purchase affordable, genuine and high-quality medicine as well as health care products through partnerships with healthcare practitioners and suppliers. To date, the company has over 80,000 registered users.
“Our goal at MYDAWA has always been to be trusted partner for busy Kenyans by a 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 Master Fund to the team which brings expertise and international reach as well as funds.,” said Neil O’Leary Founder and Chairman of MYDAWA.
Commenting on the new partnership, Africa Health Care Master Fund Director Susumu Tsubaki added, “It is commendable that start-ups such as MYDAWA are 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.”
Also commenting on the new investment, MYDAWA Managing Director Tony Wood said, “We remain focused on building a platform that enables Kenyans to access quality medication and products without having to dig deeper into their pockets”.
In addition, the platform has also partnered with a number of Insurance companies to ensure that medical policy holders also benefit from the solution- a move that gives longevity to their insurance cover since prescription medicines are on average 20% cheaper.
The insurance companies are also beneficiaries as there are less fraudulent and illegitimate claims. For customers with no insurance cover, a partnership with innovative payments processing solution iPay Limited has increased customer payment options such as through loyalty points, Equitel, Mastercard, PesaLink, and VISA.