Investments

Saudi online pharmacy aggregator Saydl raises seven-figure seed investment

Riyadh-based online pharmacy aggregator Saydl has raised seed investment, the startup announced today. The size of investment was not disclosed but the founder speaking to MENAbytes has confirmed that it’s in seven digits (US dollar) which could mean anywhere north of a million dollar.

It is the first external funding round for Saydl and was joined by both institutional and angel investors.

Founded last year by Abdullah AlKuhaimi, the startup allows users to buy their medicines and different other healthcare and beauty products online using its mobile applications that are available for both iOS and Android.

After downloading the app, the user can select whatever they’re looking for from different categories or use the search function to find the products. Once they’ve added the the products to their cart, they can choose from different delivery methods which include one-hour delivery, scheduled delivery and pharmacy pick up. The users can pay for these products by cash on delivery or using their card while making the purchase online.

Currently available in Riyadh, Jeddah, Qassim and Madina, Saydl already has more than 150 pharmacies in its network, the founder and CEO Abdullah AlKuhaimi told us.

“The pharmaceutical and medical services today in the region are underserved, and there is huge potential for improving the quality of customer’s life by utilizing the advancement of the technology,” said Abdullah.

“Connecting all the service providers (pharmacies, medical insurance companies, medical centers/cities, logistic solutions, etc) in one place can add big advantages to pharmacy’s customers, which is the area that Saydl focus on. Our vision for Saydl is to be the vertual pharmacy of choice for all customers in the region,” he added.

The startup currently has its in-house fleet of drivers who make the deliveries.

For now, according to their website, Saydl does not accept medical insurance but has plans to introduce the feature very soon.

They plan to use the investment to expand their reach across Saudi and then to rest of the Middle Eastern countries. The startup will also use the money to further improve their platform.

Zubair Naeem Paracha

Contributor at MENAbytes
An HR Consultant based in Riyadh who has always been passionate about tech and startups. Currently trying to build his own startup, Qraar. You can reach him on Linkedin,  Twitter or zubair [at] menabytes [dot] com.
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