Online health platform MyDawa has acquired a Ugandan pharmacy chain after raising Ksh2.8 billion ($19.9 million) from London-based private equity investor Alta Semper Capital to continue its services in the region.
This new funding is the largest single investment the platform has received yet as it sets eyes on regional expansion.
“To complete the service offering, walk-in pharmacies or health centres are being opened in Kenya, the newest being the successful launch of a combined full-service pharmacy, health centre and fulfilment centre in Mombasa, Kenya,” said MyDawa.
The health-tech startup did not reveal how much it paid for Guardian Health but said it was part of its expansion plans.
The newly acquired Guardian Health has 19 stores in Kampala and neighbouring regions.
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“MyDawa has received a capital injection totalling $20 million from private equity investor Alta Semper Capital. With its latest investment, Alta Semper, an international private equity fund whose mission is to democratize access to health and well-being, is now a major driver behind MyDawa having first backed the company in October 2021,” said MyDawa in a statement.
Millions of Kenyans use their phones multiple times daily to communicate, access financial services, work from home, shop online, study and socialise.
Healthcare is one of the final frontiers that has been less accessible through the use of mobile phones and digital technologies, but that too has seen a shift since the onset of the Covid-19 pandemic in 2020.
“This investment marks our entry into digital healthcare in Africa, which we see as a major growth area across Africa in the coming years. MyDawa was the logical choice for us,” said Afsane Jetha, chief executive and managing partner at Alta Semper.
“The drive to increase access to good advice and safe and affordable medication is core to our overall mission of democratising access to health and wellbeing across the African continent.”
MyDawa, which launched in 2016, has diversified from an e-pharmacy to include online and in-person consultations, as well as laboratory services.