Kenyan e-health startup, MyDawa, has recently announced that it has successfully raised $20 million in funding from Alta Semper Capital, a private equity investor. This significant investment will serve as a catalyst for the company’s ambitious expansion strategy, allowing it to provide a comprehensive health platform to users throughout the region.
Founded by Neil O’Leary, an entrepreneur based in Nairobi, MyDawa is poised to leverage this funding to accelerate its growth and deliver a holistic healthcare solution to a wider audience.
MyDawa, under the leadership of Neil O’Leary, has achieved a significant milestone by securing a record-breaking $20 million in funding, the largest investment the startup has received thus far. This substantial financial support underscores the confidence in MyDawa’s potential for success.
MyDawa’s acquisitions and partnerships
In pursuit of its regional expansion objectives, the startup has recently acquired Guardian Health, a prominent pharmacy chain in Uganda. This strategic acquisition further strengthens MyDawa’s position as a comprehensive health platform, reaffirming its commitment to providing a holistic healthcare experience for its users.
Neil O’Leary, the co-founder of MyDawa, enthusiastically expressed his excitement regarding the partnership with Alta Semper Capital, saying “Alta Semper’s ambition perfectly aligns with that of MyDawa, and their support brings the drive, connections, and clout we need to succeed.”
“This funding, combined with our latest acquisition, positions us for a great expansion opportunity while enhancing health outcomes for our users,” The Nairobi-based entrepreneur further added.
Although the specific financial details of the Guardian Health acquisition have not been disclosed, MyDawa has confirmed that it is part of a series of strategic steps it intends to take as it expands its operations beyond Kenya.
The acquisition encompasses Guardian Health’s wide-ranging network, consisting of 19 stores located in Kampala and surrounding areas. This move highlights MyDawa’s commitment to expanding its footprint and offering its comprehensive health platform to a broader regional audience.
As part of its growth phase, MyDawa has appointed Priscilla Muhiu as its new CEO to spearhead the company’s expansion. Muhiu, who previously served as the general manager for the Kenyan market at Glovo, brings a wealth of valuable expertise to drive MyDawa’s ambitious plans.
Alongside the appointment, MyDawa has also forged partnerships with key health providers and businesses to further augment its rapid sales growth of proprietary brand products. These strategic collaborations underline MyDawa’s commitment to delivering comprehensive healthcare solutions while capitalizing on its increasing market presence.
The startup intends to establish partnerships with clinic chains in Kenya in order to expand its presence. It also aims to collaborate with insurers and other stakeholders to create effective chronic care solutions that adhere to industry standards.
MyDawa’s several seed funding
Since its establishment in 2016, MyDawa, led by O’Leary, has undergone significant transformation. Originally an e-pharmacy, it has expanded its services to include both online and in-person consultations as well as laboratory services. Leveraging mobile technology, the startup procures and sells pharmaceutical and health products, prioritizing safety and affordability for its user base.
Before the recent funding round, MyDawa had successfully raised substantial capital from multiple sources. In March 2017, the startup secured $1.5 million in its seed round. This was followed by a Series-A round in 2019, in which Africa HealthCare Master Fund and Indigo Partners contributed $3 million. Furthermore, in 2021, the Bill & Melinda Gates Foundation provided an additional investment of $1.2 million to the company.
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