BONGODAWA secures US$3M investment funding to fuel expansion
Tanzania’s leading e-healthcare platform MYDAWA, has accepted a $3,000,000 investment from Africa HealthCare Master Fund.
The funds will go into accelerating a planned countrywide expansion and further advance the company’s overall vision of providing access to affordable, genuine and high-quality medicine as well as health care products.
This is the first round of external funding the company has accepted since its inception in 2017.
“Our goal at BONGODAWA has always been to be a trusted partner for busy Tanzanians by providing convenient, private access to authentic medication and wellness products at very good value. It was very important that a new partner shared this goal which is inspired by the Tanzanian aim of improving access to healthcare for all. I am delighted to add The Africa HealthCare Master Fund to the team which brings expertise and international reach as well as funds.,” stated Neil O’Leary Founder and Chairman of MYDAWA.
Users of the platform are assured of genuine medicines and products as the application has secured the entire supply chain by getting medicines and other products directly from manufacturers and branded drugs that are made by World Health Organization (WHO) approved centres, tackling the counterfeit issue in the market.
A unique track and trace mechanism have also been put in place to allow users to authenticate products through the app with a QR code or SMS to verify its source and genuineness. All products and medicines are secured with tamper-proof seals that contain the scratch to reveal authentication code.
Additionally, convenience is a key attraction for busy people – everything you want is delivered free and quickly and all medicines are delivered by qualified professionals.
Commenting on the new partnership, Africa Health Care Master Fund Director Susumu Tsubaki said, “It is commendable that start-ups such as BONGODAWA are leveraging on the power of new technologies to disrupt the healthcare industry to tackle the region’s challenges of access, quality and affordability of healthcare. Our mission has always been to support healthcare related initiatives in Africa to help them accelerate their operations towards a healthy continent.”
Established in 2017, the Africa HealthCare Master Fund is focused on investing in the healthcare industry in Africa.
“Tanzania is seen as a leader in innovation and with solutions such as MYDAWA, the future of healthcare in Tanzania and Africa is set for transformation where access to affordable and safe healthcare products will be experienced by all,” said Susumu Tsubaki.
Since officially launching in 2017, BONGODAWA has continued to experience tremendous growth and has signed up over 80,000 registered users.
Also commenting on the new investment, BONGODAWA Managing Director Tony Wood said, “We remain focused on building a platform that enables Tanzanians to access quality medication and products without having to dig deeper into their pockets”.
In addition, the platform has also partnered with a number of Insurance companies to ensure that medical policyholders also benefit from the solution- a move that gives longevity to their insurance cover since prescription medicines are on average 20% cheaper.
The insurance companies are also beneficiaries as there are less fraudulent and illegitimate claims. For customers with no insurance cover, a partnership with innovative payments processing solution iPay Limited has increased customer payment options such as through loyalty points, Equitel, Mastercard, PesaLink, and VISA. Tanzania is a world leader in harnessing digital technology to improve the lives of its citizens.