Contactless payment penetration rate in Saudi Arabia is ‘94% of all digital transactions’
CAIRO: In a post-pandemic era, people have never been more aware of their well-being, including physical well-being and common health issues.
COVID-19, on the other hand, has had a significant effect on technology.
When quarantines and social distancing became a daily norm, people used digital technologies to interact with the world, especially in healthcare.
The result: the healthcare industry has become one of the fastest growing sectors in the world and has given rise to new business models such as telehealth and next-generation managed care. Arab News has compiled a list of the top 10 most funded health tech startups in the Middle East and North Africa region.
Total funding: $73 million
Founders: Amir Barsoum and Ahmed Badr
Investors: BECO Capital, Silicon Badia, Vostok New Ventures, CE-Ventures of Crescent Enterprises, Endeavor Catalyst and STV
Founded in 2012, Vezeeta offers appointment management software for doctors and healthcare providers to better manage their operations.
The company also provides patients with a free platform to book their appointments as doctors can opt into the platform using a subscription model.
In 2020, Vezeeta successfully secured $40 million in a Series D funding round to roll out new products and introduce its telehealth services.
Total funding: $52.5 million
Founders: Jalil Labadi and Abdel Aziz Labadi
Investors: Foundation Holdings, Hikma Ventures, Global Ventures and DASH Ventures
Founded in 2008, Atlibbi is a digital platform that allows users to receive medical consultations remotely and connect with professionals through calls and text chats.
The company has more than 10,000 physicians on its platform and has won the World Summit Award for Best Digital Health Content and the Schwab Foundation for Social Entrepreneurship.
In its most recent funding round, Altibbi raised $44 million in a Series B funding round in March 2022 to enhance its online pharmacy technology and services.
Total funding: $31 million
Founders: Talal Bayaa, Tarek Bayaa and Brian Habibi
Investors: Mohammed Bin Rashid Innovation Fund, Point72 Ventures, Mubadala, Beco Capital, Silicon Badia and Hamed Kanoo Co.
Founded in 2013, Bayzat is a web and mobile application that allows customers to buy and sell health insurance.
The company’s health technology platform compares health insurance and offers them the best options. Raising $16 million in a Series B funding round in 2019, the company used its funding to enable its technology to better serve its customers.
It also provides HR solutions for businesses.
Total funding: $20 million
Founders: Ali Hashemi and Ihsan Almarzooqi
Investors: Polymath Ventures
Founded in 2020, GluCare provides in-clinic and virtual diabetes care for its patients through its data monitoring and artificial intelligence.
With the company’s app, patients can connect with a care team to monitor glucose, insulin, food intake and more.
Total funding: $18 million
Founder: Tamer Wali
Founded in 2020, Selfologi is an online aesthetic medical treatment platform that allows users to book appointments with doctors in areas like botox, hair removal, acne scars and more.
The company raised its $18 million investment in a round led by its founder and angel investor, Tamer Wali, with participation from international group Xenel.
Total funding: $12 million
Founders: Fodhil Benturquia
Investors: Abu Dhabi Investment Office, Ithmar Capital and iGan Partners
Founded in 2018, Okadoc is an appointment booking platform provider that allows people to search for the nearest clinic, practitioners, and hospitals.
In 2020, the company closed its $10 million Series A funding, expanded its operations, and promoted its telehealth offering and virtual consultations.
Total funding: $8.5 million
Founders: Karim Khashaba, Yasser Abdel Gawad and Sherief El-Feky
Investors: Global Ventures, MEVP, Algebra Ventures, CVentures, P1 Ventures and Athaal Angel Investors Group
Founded in 2018, Yodawy is a virtual pharmacy providing a marketplace for people who want to access medication with over 3,000 pharmacies.
In mid-2021, the company secured $7.5 million in a Series B funding round to build its digital marketplace to serve its wide range of customers.
Total funding: $8.5 million
Founders: Yahya Aqel and Shahed Altawafsheh
Investors: 500 Startups, Right side capital, TechStars, Shorooq Partners and Plug and Play
Headquarters: Saudi Arabia and Jordan
Created in 2020, Aumet is a B2B marketplace for healthcare providers to purchase supplies from retailers. In 2020, the company raised $1.25 million in a seed funding round and did not disclose subsequent investments.
Total funding: $5 million
Founders: Hamed Ahmadi and Sina Torabi
Investors: Merus Capital, Naples Technology Ventures and Candou Ventures
Founded in 2018, Medsien is a chronic care management platform for healthcare professionals operating in the United Arab Emirates and the United States.
In its seed funding round, the company raised $4.3 million to expand its presence in the United States and expand its offerings.
Health at your fingertips
Total funding: $4 million
Founder: Charlie Barlow
Investors: Simon Charlton and Rockfirst Capital
Born in 2015, Health at Hand is a mobile application that facilitates virtual consultations for patients suffering from non-emergency conditions such as colds, coughs and others.
The company raised its full funding in a funding round in 2017 to further develop its technology and introduce its subscription model.