Altibbi Raises USD 6.5 Million Towards Revolutionizing Healthcare for the Modern Arab World
Jordan/Dubai; October 2nd: Altibbi Ltd., the Middle East’s largest digital health platform, has announced a new round of funding amounting to USD 6.5 Million. The round was co-lead by Middle East Venture Partners (MEVP) and DASH Ventures with the participation of new strategic investors TAMM, RIMCO Investments, Endeavor’s Catalyst Fund and other undisclosed investors. The raise signals confidence in Altibbi’s ability to enhance medicine in a region where governments spend an average of only 8 percent of their budgets on healthcare compared to an average of 17 percent spent by OECD countries.
The proceeds of the latest round will primarily be used to expand Altibbi’s digital health offering for businesses and consumers in MENA.
On the content side, Altibbi intends to grow its presence and further expand its Arabic medical content library of 1.5M pages. Furthermore, Altibbi will build on its free Q&A platform that currently answers 1,000 daily questions through its directory of 12,000 verified Arab doctors.
On the telehealth side, Altibbi aims to expand its offering on its premium health plans to the Arab World: real-time, round-the-clock tele-health services and unlimited access to high quality primary care local doctors. Altibbi will further invest in developing integrated industry-specific solutions for businesses in MENA. The tele-health solution will enable large employers to enhance employee wellness, drive operational efficiency and save on healthcare costs.
Ayman Sharaiha, Co-founder and COO at Altibbi, added, “The funding is fully dedicated to further growing the company, which has established an exceptional track record as a premier provider of trusted health and wellness information in the region serving over 6 million people every month. We believe there is a true opportunity to further build Altibbi’s portfolio of telehealth solutions for the benefit of companies and consumers in the region.”
Altibbi provides ‘connected health’ services and solutions in 10 markets across the Arab World, primarily delivered through its flagship mobile application and online presence. Altibbi has rapidly evolved into one of the most popular Arabic mobile applications on both iOS and Android platforms, with the potential for expansion into new emerging markets.
Jalil Allabadi, Founder and CEO at Altibbi, said: “We are fortunate to work with some of the reputable and supportive venture capital firms and strategic corporate VCs in the region, and confident that this partnership will further accelerate our efforts towards a more prosperous future with universal access to healthcare. The rapid growth of our company over the past years has clearly illustrated the ever-growing demand for innovative health solutions in our region, and we are delighted to witness first-hand how our products are solving real problems. Altibbi is proud to provide cutting-edge, inclusive health services and looks forward to further strengthening these solutions by offering the best connected health solutions the region has seen to date.”
Commenting on the investment, Walid Mansour, Partner and Chief Investment Officer at MEVP, said: “Altibbi is the undisputed leader in providing access to doctors on-demand as well as having a vast and expanding content library. Altibbi’s growth over the past year has given us conviction in the company’s leadership and with re-investing and providing additional capital for it to scale. The team at Altibbi has the passion, expertise and energy to take this company to the next step. We also welcome our new partners TAMM Invest, Rimco and Endeavor as strategic and valuable co-investors”
“Telecommunication has been at the forefront of the global technology boom,” Omar J. Sati Managing Director at DASH Ventures expresses. “It was only a matter of time before this technology delivered a seismic shift to the healthcare industry. Altibbi is not just a TeleHealth platform but a mobile medical system, where patients literally have control of their own health within the palm of their hands. We are proud to have played a crucial role in helping Altibbi establish themselves as the region's main digital health provider, transforming the future of healthcare access, quality and cost.”
About Middle East Venture Partners (MEVP):
MEVP is one of the largest venture capital firms in the MENA region and currently manages four regional technology-focused venture capital funds with more than USD 120 million in assets under management and USD 100 million in co-investments. To date, MEVP’s team, comprising 23 investment professionals, have invested in more than 40 portfolio companies across MENA and Turkey.
About DASH Ventures:
DASH Ventures is an early-stage venture capital firm based in Amman, Jordan, focused primarily on seed and early-stage opportunities across the Arab World and beyond. Founded in 2011, the company is a private partnership of entrepreneurs and business experts applying their wealth of experience, expertise, and mentorship to help talented and ambitious entrepreneurial teams build great sustainable companies. DASH employs a collaborative and highly interactive investment approach, working closely with portfolio companies to minimize risk, develop strategy, and seize opportunities. With a focus on technology, energy, lifestyle brands and creative industries, DASH is committed to investing in sectors that will have a sustainable impact on the region’s environment and socio-economic development. For more information, visit www.dashventures.com
About Endeavor Catalyst:
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $100M+ in philanthropically donated and invested capital, and invested into more than 50+ Endeavor companies in 18 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey, Fetchr in the UAE and Anghami in Lebanon.