Emerging Venture Markets 2022YTD: Top Healthcare Funding Rounds
The evolution of the HealthTech space across Emerging Venture Markets has been inspired by a wave of open healthcare, AI-powered optimization, and a pandemic-induced need for remote & decentralized servicing. After a record-breaking year in VC funding, we explore the top 3 Healthcare funding rounds in Q1 2022:
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The pandemic-induced need for remote healthcare solutions brought upon a new wave of interest in the HealthTech space across EVMs. Observing a 3-year consecutive growth since 2019, VC funding in the Healthcare sector reached an all-time high in 2021 to cross the $200M mark for the first time. While the Healthcare industry ranked as the 7th-most funded sector across EVMs, overshadowed by unprecedented investment in industries of digitization like FinTech and T&L, the real indicator of growth remains in the intricacy of the current healthcare market propositions.
Over the past year, we’ve seen some exceptional market plays in the Healthcare scene across Emerging Venture Markets in acquisitions and sizable investments. Startups like Helium Health acquiring Qatari Meddy to create a cross-border ecosystem allowing for the decentralization of healthcare consultation was a milestone moment towards a post-pandemic world. Surely, this idea of open-sourced Healthcare rippled across Emerging Venture Markets, with doctor-booking platforms like Oladoc in Pakistan, online pharmaceutical marketplaces whether B2C with startups like Egypt-based Yodawy or B2B with DrugStoc all the way in Nigeria, to all-encompassing digital healthcare platforms with startups like KSA-based Cura driving the sector’s 24% YoY deal growth.
HealthTech ventures are growing in size and depth of proprietary technologies, with themes from AI-powered imaging with Egypt-based Astute Imaging announcing its Exit earlier this year, all the way to personalized and financed insurance with startups like Wellx.AI and KLAIM raising sizable investments over the past year. Championing the world of open healthcare and on-demand servicing, here are this year’s top 3 Healthcare funding rounds to-date:
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Altibbi- $44M Series B
Earlier this week, MENA-based digital Healthcare service provider Altibbi announced its record-breaking $44M Series B fundraise, the highest funding round recorded to date in MENA and the top funding round of this year across Emerging Venture Markets. The journey towards building their multi-faceted platform was gradual, starting with online consultation as an MVP back in 2011. Since then, the MENA-based HealthTech has evolved into a full-fledged HealthTech player with peer-reviewed research content and most recent venturing into digital pharmaceutical.
Since its inception, Altibbi was able to raise more than $50M in funds starting with its initial $2M SEED round by MEVP and Dash Ventures. Since then, the startup raised 4 other funding rounds leading up to its recent Series B fundraise, to aggregate a consortium of global and regional investors including Endeavor Catalyst, Hikma Ventures, Foundation Holdings, and Global Ventures.
Reliance Health- $40M Series B
Healthcare startups in Nigeria have raised a record-breaking $38M in 2021 over 11 deals in 2021; with Reliance Health’s $40M Series B round the sector has already crossed FY 2021 funding by $3M. What’s most interesting about the Nigerian Healthcare ecosystem is the diversity of healthcare ventures, where telemedicine and doctor-booking platform CribMD, private diagnosis network MDaaS Global, as well as online pharmaceutical and pharmaceutical research startups 54gene and DrugStoc led the sector’s 8% YoY funding growth in 2021. Reliance Health was no stranger to Healthcare disruption either, as it has set forth on building integrated healthcare systems leveraging third-party clinical partners to provide tailored health insurance plans for individuals and businesses across the region.
Since its inception, the Nigerian HealthTech has raised almost $50M over three funding rounds including its latest Series B, backed by major players in the ecosystem including Partech Partners, General Atlantic, Tencent Holdings, P1 Ventures, Loftyinc Capital Management, and Y Combinator.
mPharma- $30M Series D
The growth of the HealthTech space in Ghana has been integral in the VC evolution of the entire ecosystem. In 2020, the Healthcare sector accounted for more than 95% of all funds raised in the ecosystem, making its first mark on the market. Despite a 10% YoY dip in Ghana’s overall funding in congruence with a 56%YoY funding dip in the healthcare sector in 2021, mPharma’s $33M Series D reinvigorated capital investment to previous levels in 2022.
Since its initial investment graduation from the Alchemist Accelerator program, the Ghanian HealthTech specializing in pharmaceutical insurance financing has raised more than $80M in funds over 8 funding rounds. The latest was backed by a consortium of key investors including Social Capital, JAM Fund, and Lux Capital.
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