Dawatech, a healthtech company from Jordan, has gotten a seven-digit investment round from multiple companies, according to a Tuesday (Dec. 21) press release.
The investments will go towards Dawatech’s planned expansion into Saudi Arabia and the company’s business-to-business (B2B) marketplace.
Dawatech offers cloud-based, software-as-a-service (SaaS) pharmacy management enterprise resource planning (ERP) software, connecting pharmacies, suppliers and stakeholders and allowing for more control over management.
The platform, designed by a pharmacist, had goals of helping pharmacy owners in the Middle East and Northern Africa (MENA), with providing core functions like point of sale (POS), inventory and accounting, along with overall operational management.
It also intended to integrate for instant usage with relevant ecosystem stakeholders like regulatory platforms, logistics providers and payment processors. The release says the platform will integrate with suppliers to automate the management of inventory, replenishing stock and similar actions.
“Dawatech’s state-of-art technologies help to stabilise and empower pharmaceutical institutes, boost their performance and their profitability,” Mohammad Musleh, founder and CEO of Dawatech, said in the announcement. “Approaching $100 million GMV [gross merchandise volume], and around 40% of the Jordanian community pharmacies’ sales and purchases are happening on pharmacies using our platform.
“With Dawatech’s embedded B2B marketplace and FinTech products in its solutions, pharmacies are now able to operate smarter and pay to suppliers seamlessly.”
The investment round was led by Access Bridge Ventures and saw participation from ISSF and other undisclosed investors.
Integration, according to PYMNTS, could help payments become modern and interactions between buyers and suppliers become much easier.
See also: Integrated Payments Helps Meet Rapidly Evolving Needs of Businesses
According to Taira Hall, FIS B2B senior vice president, the financial services industry is undergoing a mass evolution.
With embedded finance, there are financial services offered that can come to the existing point of presence for any commercial clients, delivered to the experiences the client is using, including software, FinTech mobile apps and banking portals.
The idea is to offer services in one place, from opening a business checking account to invoicing and billing. It’s a change from before, when back-office solutions typically focused on operations and worked with various providers that offered products for specialized things.