Chefaa, an innovative Egyptian startup operating as a patient-centric pharmacy benefits platform, has successfully secured a substantial funding injection of US$5.25 million. This strategic funding round is geared towards propelling Chefaa into a new phase of accelerated growth and facilitating its ambitious expansion plans, with a particular focus on penetrating the burgeoning healthcare market in Saudi Arabia.
Founded in 2017 by the visionary duo of Dr. Doaa Aref and Dr. Rasha Rady, Chefaa has carved a niche for itself in the industry by providing a user-friendly platform. The platform allows users to seamlessly order, schedule, and refill recurring prescriptions, both for non-insured and insured medications. In addition to its core offerings, Chefaa extends its services to various stakeholders within the healthcare ecosystem, creating a comprehensive and integrated approach to patient-centric care. With this latest funding boost, Chefaa is poised to make significant strides in its mission to revolutionize healthcare accessibility and convenience for users in Egypt and beyond.
Chefaa, a rapidly growing Egyptian startup, has cultivated a vast network, currently linking over one million monthly active users to a robust network of more than 1,100 pharmacies across Egypt and Saudi Arabia. The startup has embarked on an ambitious trajectory for accelerated growth, buoyed by a substantial funding injection of US$5.25 million from a consortium of both new and existing investors.
In a noteworthy development, the funding round was co-led by prominent entities, including South Africa’s Newtown Partners and Japan’s Global Brain. The round also garnered support from GMS Capital Partners LLC, Verod-Kepple Africa Ventures, and M3. This influx of capital comes on the heels of Chefaa’s successful expansion into the Saudi Arabian market, where it has already established its presence in eight cities.
With the infusion of these funds, Chefaa is strategically positioning itself for more rapid growth, intending to bolster its operations in both Egypt and Saudi Arabia. The startup’s dedication to leveraging technology for enhanced healthcare accessibility and convenience is set to reach new heights as it continues to scale its operations, further solidifying its footprint in the dynamic healthcare landscape of the Middle East and beyond.
We are thrilled that our investors share our passion and believe in our vision and mission.
Doaa Aref, the CEO of Chefaa
“Amidst ongoing challenges, Chefaa remains committed to prioritizing market needs. The dedication to addressing these challenges has propelled the design of new services and features, all while keeping a steadfast focus on the company’s mission and vision. As Chefaa experiences growth, the emphasis on measuring its impact becomes paramount. Expressing enthusiasm, Doaa Aref, the CEO of Chefaa, remarked, ‘We are thrilled that our investors share our passion and believe in our vision and mission.’
Our ongoing investment in Chefaa through DP World’s Innovation Venture Fund underscores our unwavering confidence in the capable entrepreneurship of Doaa and Rasha. They have demonstrated exceptional progress in addressing the substantial opportunity to enhance healthcare access in the GCC and SSA regions by digitizing healthcare user interfaces,” commented Llew Claasen, Managing Partner at Newtown Partners.
In light of the robust growth witnessed in the challenging business climate since 2022, we are firmly convinced that Chefaa is emerging as a foremost patient-centric service provider in the region. Expressing our satisfaction with this trajectory, we are pleased to announce our decision to make an additional investment. We remain committed to supporting the team continuously, aiming to further enhance the accessibility of medical services,” stated Hiroto Sorita, Director of the Investment Group at Global Brain Corporation.
