KSA-based HealTec raises $1.2M SEED fund
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Saudi-based B2B HealthTech and medical rehabilitation manufacturing startup HealTec, has successfully raised $1.2M in its inaugural funding round. The seed round was led by Nour Nouf Ventures (NNV), a Saudi-based family office, and facilitated by Chrome Advisory, a leading Saudi venture capital advisory firm advising on structuring and arrangement.
Co-founded in 2020 by Dr. Hashim AlZain and Eng. Ayman Noori, HealTec is a dedicated B2B healthcare rehabilitation manufacturing facility that enables the local production of medical prosthetics and other devices to serve Long-Term Care and rehabilitation patients. Filling the gap in KSA’s facilities of manufacturing prosthetics and other medical devices locally, the Saudi-based HealthTech is serving the swift rehabilitation of patients ridding them of long waiting periods and prohibitive costs as a result of overseas manufacturing.
The Healthcare industry in MENA was one of the few industries to observe an instant impact from the global pandemic, reaching an all-time high in VC funding in 2020 growing 4x compared to the year before. While virtual consultation platforms across MENA like Cura, AI-driven Doctori, Estshara, and Sihaty raised the lion’s share of funds by the third quarter of the year as recorded in our Q3 2021 EVM Healthcare Investment Report, Aesthetic and Cosmetic focused startups like Smileneo and Selfologi also closed market positioning rounds. Q4 2021 has also emerged with a peeking global and regional investor interest for local HealthTec manufactures, where Jordan-based Eon Dental and now KSA-based HealTec have raised one of the larger funds in their respective Series B and Seed funding rounds.
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The HealTec team has designed the latest manufacturing technologies for rehabilitation devices, building on the founders’ immense collective experience in the field of manufacturing and health. Dr. Hashim Alzain, a serial entrepreneur previously co-founded DarTec Engineering in 2012, a company that specialized in localizing the manufacturing of spare parts using reverse engineering to serve the industrial sector; such as energy, desalination, petrochemical, and defense and backed by Sabic’s Nusaned Investment. In light of this platform launching investment, Al Zain highlighted the startup’s core focus “Over the past 4-years, we have been receiving inquiries from the healthcare industry in rehabilitation and patent development and we’ve decided to give the healthcare industry our undivided attention. HealTec intends to become the first company in the market to offer a unique service to the healthcare industry by bridging the gap between where the Kingdom is currently at and where it aspires to be in terms of locally produced healthcare parts and devices ” says Dr. AlZain “it wasn’t until a serendipitous meeting with the NNV team that I felt right about meeting the right partner to scale-up the company’s operation and extend its outreach”, he further adds.
Eng. Khalid Suleimani, Senior Partner at Chrome Advisory commented on the nature of this investment “Saudi family offices and corporate venture capital inventors have recently become influential players in the venture capital space. Their experience and connections will help startups scale and secure funding. Also, their presence will help pave the way for more frequent and meaningful exits."
The SEED funding round added strategic partners that provide both capital growth and extensive network opportunities for the Saudi-based HealthTech. NourNouf Ventures is a family office focused on impact-driven investments with a focus on both Healthcare and Education sectors. Round facilitator Chrome Advisory, based in Saudi Arabia and serving clients across the MENA region, works closely with VC funds, family offices, corporates, and angel investors to scale growth-stage startups. This stellar funding round puts HealTec on the right path to scale, channeling the funds into further developing their ingenious products as well as their R&D efforts. Eng. Reda Isalm, CEO of NNV concluded with a firm determination for this investment “Investing in HealTec seemed a right fit for our impact investing strategy. Not only will we help localize a sector that has been heavily relying on imports, but we will also help rehabilitation patients and amputees get better quality products faster” says.
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