Egyptian tech startups offer hope for economy in post-COVID world
While Egypt's economy faces pressure from several factors, such as coronavirus preventative measures, a sudden stop in tourism and record-high debt levels, one bright spot in the economy is a tech boom that has continued even throughout the global pandemic.
When Egyptian entrepreneur Doaa Aref was diagnosed with thyroid cancer three years ago, she said her thyroidectomy was the easy part. Not only did she have trouble finding the medicines she needed, but she would often get the wrong prescriptions delivered to her home when ordering from local pharmacies over the phone.
Later on, a recovered Aref found out that she wasn’t the only patient to have faced the issue. That’s how the former digital marketing manager and her business partner Dr. Rasha Rady came up with the idea for Chefaa, a Cairo-based medicine delivery platform launched in 2017.
In June, Chefaa raised seven figures in its first significant round of venture capital financing working with 500 Startups. The company had previously raised a six-figure fund of seed capital through 500 Startups, Cairo-headquartered Flat6Labs and a few angel investors last August.
The online platform, which serves as a marketplace for Egyptian customers, allows those with chronic conditions to order medication online and connects them to pharmacies that can deliver it.
