EGYPT – Chefaa, Egypt’s patient-centered pharmacy benefits platform, has closed undisclosed funding round to expand its network.
The latest funding round was led by Newtown Partners, Global Brain, and GMS Capital Partners.
Chefaa will use the funds to develop its network, assist the introduction of its Chefaa Prime product, a comprehensive medical insurance alternative targeted for emerging economies, and officially launch in additional markets.
The startup will also digitize chronic illness management through a comprehensive way to build significant progress in chronic patients’ quality of life.
Chefaa is one of Mena’s largest pharmaceutical and wellness platforms, focusing on providing customers with compliant, moral, and patient-centric services mainly through its primary platform and App.
The health tech has customized AI-driven solutions like Chefaa Prime, a subscription-based service that provides a smooth array of assistance to patients and medical users from all walks of life and income brackets.
“We focus on empowering Chefaa’s ability to measure the impact of every step it takes with real data, not just for funding but for execution and scaling as well,” said Doaa Aref, CEO, and Founder of Chefaa.
The new funding comes at a time when the North African country is facing major challenges in the health sector post-Covid-19 pandemic.
Egypt is one of the most populous Arab countries in the world with over 100 million people living within its borders and another 10 million living abroad.
Egypt’s population is expected to grow from its current 101.6 million level to 130 million by 2030 and 175 million by 2050, with the increase set to fuel demand for healthcare services.
Total population numbers will drive up overall levels of demand for healthcare, but it will be its composition that determines the type of services provided.