(Ecofin Agency) - Venture capital company CVentures made its first investment since it launched activities in December 2018. Along with Algebra Ventures and ASI Ventures, the company co-injected $1 million in the Egyptian heath tech startup Yadowy, a start-up company founded in 2018 by Karim Khashaba, Sherief El-Feky, and Yasser AbdelGawad.

The start-up, which allows users to order medicines and personal care online, is operational in some 30 cities and collaborates with a network of 2500 pharmacies. Yodawy has completed nearly 500,000 orders in 12 months, according to local media.

“Yodawy has the potential to become a leading digital pharmacy benefits platform in the region. It’s clear go-to-market addresses fundamental problems experienced by pharmacies, insurance companies, and their respective customers, effectively adding significant value to all stakeholders. CVentures is excited at the prospect of working closely with Yodawy, and we look forward to helping the Founders achieve their vision and roll-out of additional innovative offerings,” said Emad Fouad, MD of CVentures.

Subsidiary of Commercial International Bank (CIB), CVentures targets technology companies operating in Egypt, the Middle East, and selected African economies.

Chamberline Moko