Dawatech, a health-tech company based in Jordan, has secured a 7-digit seed investment led by Access Bridge Ventures (ABV), and the Innovative Startups and SMEs Fund (ISSF), among other investors, to support its expansion to Saudi Arabia and other MENA markets, according to Mohammad Musleh, founder and CEO of Dawatech.
ABV is an early-stage venture capital fund, which invests in startups mainly across the Middle East, North Africa and Pakistan, according to its website.
The ISSF is a Jordanian private shareholding company, which provides investment support and promotes entrepreneurship across Jordan, according to its website.
Musleh told The Jordan Times: “Dawatech provides cloud-based pharmacy management ERP software that connects pharmacies, suppliers, and stakeholders through a single platform”.
He described the software as “a true plug and play end to end solution”, designed to meet the various needs of pharmacy owners.
“Dawatech provides all required core functionality such as POS, inventory, and accounting, in addition to overall operational management. It also offers bespoke integration for instant usage with all relevant ecosystem stakeholders, such as regulatory platforms, logistics providers, and payment processors,” Musleh said.
He noted that the software is meant to boost productivity and profitability, adding that it “integrates with suppliers to automate inventory management, stock replenishment, and much more”.
The combined gross merchandise volume (GMV) of Dawatech is approaching $100 million, according to Musleh.
“Dawatech has become the leading and fastest growing pharmacy management software in Jordan, as around 40 per cent of Jordanian pharmacies’ sales and purchases are happening on pharmacies using Dawatech,” he said.
Musleh also noted that, after establishing a position in the Jordanian market, penetrating the Saudi market is a very important “milestone” for Dawatech.
The MENA pharmaceutical market is expected to have a value amounting to over $44 billion by 2023, with the Saudi market accounting for $10.7 billion, according to CPhIMiddle East& Africa.
The CPhIMiddle East& Africa is a platform that provides events services for “the end-to-end Pharma Community”, according to its website.
Issa Aghabi, managing partner of ABV, said: “Access Bridge backs promising startups like Dawatech and supports their regional expansion to become category leaders.”
He also noted that Dawatech’s efficiency marks it as a disruptive innovation in the healthcare sector.
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