Connect with us

Startups

Chefaa Raises Venture Round from Global Investors

Published

on

Chefaa Raises Venture Round from Global Investors

Chefaa, Egypt’s patient-centered pharmacy benefits platform, has raised a venture round from globally renowned investors Newtown Partners and Global Brain and GMS Capital Partners. 

The undisclosed round is part of Chefaa’s journey to expand its network further, support the release of its Chefaa Prime product, a complete medical insurance alternative designed for emerging markets, and launch officially in new markets.

Moreover, this venture round will fund Chefaa’s efforts to digitize chronic illness management through a comprehensive approach to achieve measurable improvement in chronic patients’ quality of life. 

Chefaa Raises Venture Round from Global Investors

Global Investors for a Global Perspective

This is also the three VCs’ first venture into the Egyptian market.

Newtown Partners, operating out of South Africa, is an early-stage venture fund run by entrepreneurs with investments in significant names such as Swyft, Reach Labs, and Blockfolio.

Global Brain operates out of Japan with a massive portfolio of 24 IPOs and 54 Merge & Acquisitions in industries such as Commerce, Gaming, Fintech, and IoT, among many more. 

On the venture round, Llew Claasen, Managing Partner at Newtown Partners comments

“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.”

Chefaa Raises Venture Round from Global Investors

Llew Claasen, Managing Partner Newtown Partners

AI for A Human Patient Experience

Chefaa is one of the leading pharmaceutical and wellness platforms in MENA, focusing on offering compliant, ethical, and patient-centric services to users through several services.

The services include Chefaa’s platform, App, and other bespoke AI-driven solutions such as Chefaa Prime, a specially designed insurance alternative.

This subscription-based service offers a seamless array of support to patients and medical customers from all walks of life and income levels. 

Mr. Yasuhiko Yurimoto, Founder, CEO, and General Partner at Global Brain, comments on the venture round “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.”

He adds, “(Chefaa) contributes to one of the severe national health problems; a shortage of providing optimum care for chronic patients.”

Real Measurable Growth

Doaa Aref, CEO and Founder of Chefaa, comments on the round “From the start, we focused on empowering Chefaa’s ability to measure the impact of every step it takes.”

“(This comes through) 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 help us capitalize on untapped market opportunities.”

“We are confident Chefaa will dominate over a much larger market share in the next two years.”

Startups

Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women

Published

on

Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women

Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.

Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.

The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.

Continue Reading

News

GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

Published

on

GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

Continue Reading

Apps

Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding

Published

on

Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.

Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.

“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape

Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.

Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).

Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.

The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.

The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.

Continue Reading

Trending