Press Release.
Expanding to Saudi Arabia and other MENA markets, Jordan-based innovative HealthTech company Dawatech secures a 7-digit seed investment led by Access Bridge Ventures, with participation from ISSF and other undisclosed investors to support its regional expansion, launch of its B2B marketplace and further grow its leading position in Jordan.
Designed and created by Pharmacist, Dawatech has spent the past two years developing a comprehensive end to end SaaS ERP pharmacy management solution designed to meet the needs of pharmacy owners in a simple and efficient manner.
The platform was designed to adhere to the needs of your typical MENA pharmacy owner. Not only does it provide all required core functionality such as POS, inventory, accounting and overall operational management but also offers bespoke integration for instant usage with all relevant ecosystem stakeholders such as regulatory platforms, logistics providers, payment processors and much more. Further, the platform now integrates with suppliers to automate inventory management, stock replenishment, and much more. A true plug and play end to end solution.
Mohammad Musleh, founder and CEO of Dawatech said: “Dawatech’s state-of-art technologies help to stabilize and empower pharmaceutical institutes, boost their performance and their profitability. Approaching $100m GMV, and around 40% of the Jordanian community pharmacies’ sales and purchases are happening on pharmacies using our solutions, Dawatech became the leading and fastest growing pharmacy management software in Jordan.
With its embedded B2B marketplace and FinTech products in its solutions, pharmacies are able to operate smarter and pay to suppliers seamlessly. Penetrating KSA market after proving the concept in Jordan is a very important milestone for Dawatech and its in-line and support of the Saudi Arabia Ministry of Health’s vision to digitize the sector.”
According to the digital health strategy update issued by the Saudi Ministry of Health defines digital health as “the cost effective and secure use of information and communication technologies and the associated culture change it induces, to help people and manage their health and wellbeing and transform the nature of healthcare delivery.”
According to CHEManager International, the MENA pharmaceutical market was worth $36 billion in 2016, which represented 2% of the global market. This relatively low starting base is now seeing projected growth of 10%, vastly outstripping the current global growth rate of 4-6% – even surpassing the traditional “pharmemerging” economies such as Brazil and China. And according to CPhI Middle East & Africa; pre-pandemic estimates valued the MENA pharmaceutical market at over $44 billion by 2023, with the Saudi market accounting for $10.7 billion or 24%
Issa Aghabi, managing partner of Access Bridge said: “Access Bridge backs promising startups like Dawatech and supports them in their regional expansion to become category leaders.
Dawatech will disrupt the healthcare sector through creating better efficiencies in the distribution of pharmaceuticals to end consumer. We are also helping Dawatech to penetrate Saudi Arabia and establish itself as a local player. This marks our 6th investment this year and hope to continue to support great regional entrepreneurs.”
Dawatech provides a cloud-based, SaaS pharmacy management ERP software that connects pharmacies, suppliers, and stakeholders through a single platform. Our user-friendly and efficient software will help you have control over your pharmacy’s in-house operations, inventory, sales, and more to enable you to increase profitability and productivity.
