Egypt-based health tech Chefaa has raised an undisclosed venture round from Newtown Partners, Global Brain and GMS Capital Partners to expand its network, support the release of its new product, launch in new markets and digitise management for chronic patients’ quality of life.
It is the involved venture capitalist’s first investment in the Egyptian market. South Africa based Newtown Partners is an early-stage venture fund that has previously invested in Swyft, Reach Labs and Blockfolio. Global Brain, headquartered in Japan has a massive portfolio of 24 IPOs and 54 Merge & Acquisitions in diverse industries.
“We have found Chefaa to be compelling for its proven ability to scale across geographies, impressive traction and growth across MENA, a strong female-led team with extensive healthcare and pharmaceutical expertise, a large, engaged base of customers, as well as strong alignment with our pharmaceutical e-commerce thesis and their ability to digitize healthcare interfaces.”
~ Llew Claasen, Managing Partner at Newtown Partners
Chefaa is an e-pharmacy benefits platform that provides an end-to-end healthcare experience by focusing on offering compliant, ethical and patient-centric services. The wellness platform offers services to users through Chefaa’s main platform, app and Chefaa Prime, an AI-driven solution that presents an insurance alternative, a subscription-based service offering a seamless array of support to patients and medical customers from all socio-economic backgrounds.
“ There is usually a challenge to meet patient needs particularly when it comes to medicine. We believe that Chefaa’s approach of growth, which is an opportunity to enhance medical literacy through freemium service and employee benefits, is the right way and contributes to one of the severe national health problems; a shortage of providing optimum care for chronic patients.”
~ Yasuhiko Yurimoto, founder, CEO and General Partner at Global Brain
The startup plans to utilize the fresh funds to further expand its network, support the release of its new product, launch in new markets and digitise management for chronic patients’ quality of life.
“From the start, we focused 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.
I believe this venture round is pivotal not because it will only help us scale our validated business models, but because it will also help us capitalize on untapped market opportunities.
We are confident Chefaa will dominate over a much larger market share in the next two years.”
~ Doaa Aref, CEO and Founder of Chefaa
