In a significant strategic move, Chefaa, the patient-centric pharmacy benefits platform, has successfully raised $5.25 million in a funding round co-led by Newtown Partners (South Africa) and Global Brain (Japan), along with the participation of GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan). This substantial investment follows Chefaa’s triumphant launch in the Kingdom of Saudi Arabia, where it has swiftly expanded its operations to cover 8 cities.
The infusion of funds is poised to play a pivotal role in supporting Chefaa’s ambitious agenda. The focus lies on scaling various models designed to digitize the healthcare supply chain, thereby empowering industry stakeholders. This, in turn, is expected to elevate the overall user experience and foster greater adherence to treatment regimens. Chefaa remains steadfast in its primary mission—to spearhead the secure digital transformation of healthcare through a comprehensive and patient-centric approach.
Llew Claasen, Managing Partner at Newtown Partners, expressed confidence in Chefaa’s progress, stating, “Our follow-on investment in Chefaa via DP World’s Innovation Venture Fund reflects our continued conviction that we have a capable set of entrepreneurs in Doaa and Rasha making excellent progress in the massive opportunity to improve healthcare access in GCC and SSA by digitizing healthcare user interfaces.”
Hiroto Sorita, Director, Investment Group at Global Brain Corporation, affirmed the belief in Chefaa’s potential for growth, remarking, “As we have seen solid growth in this tough business climate since 2022, we truly believe that Chefaa is becoming the uppermost patient-centric service provider in the region. We are delighted to make a decision to have an additional investment and prepared to continuously back the team to further enhance the accessibility of medical services.”
Yezan Haddadin, CEO of GMS Capital Partners LLC, emphasized the positive trajectory of Chefaa’s impact, stating, “Chefaa has made significant strides in improving healthcare accessibility in Egypt, and we are particularly excited about their entry into the Saudi market.”
Ryosuke (Rio) Yamawaki, Partner at Verod-Kepple Africa Ventures, highlighted Chefaa’s unique positioning in Africa, stating, “Chefaa is uniquely positioned to transform the retail pharmaceutical supply chain in Africa. We firmly believe that with their wide-ranging product offerings serving multiple stakeholders, Chefaa will become a critical business infrastructure for pharmaceutical supply chains in Egypt and the broader Gulf region.”
Chefaa’s CEO, Doaa Aref, shared her excitement, stating, “Chefaa continues to prioritize market needs in the face of the continuous challenges. This has resulted in designing new services and features with our eyes on our mission & vision. We focus on measuring Chefaa’s impact as we grow. We are thrilled that our investors share our passion and believe in our vision & mission.”
Founded in 2017 by Dr. Doaa Aref and Dr. Rasha Rady, Chefaa is on a mission to lead the safe digital transformation of healthcare in Africa and the Middle East. With over 1 million monthly active users and connections to more than 1,100 pharmacies across Egypt and Saudi Arabia, Chefaa stands as a beacon of innovation in the healthcare sector. The platform has garnered recognition, including the Women in Tech 2023 award by Falak Hub, VivaTech’s first Africa-Health Tech Award 2022, Cartier Impact Award 2022, and the Cartier Women’s Initiative (CWI) fellow in 2020. The platform’s commitment to enhancing the quality of life for users is reflected in its comprehensive healthcare solutions, serving both individuals and entities, with a focus on becoming the ultimate one-stop-health solution for an end-to-end healthcare experience.
