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The Karachi-based health-tech startup, Healthwire, successfully raises $3.3 M through its latest funding. The undisclosed round drew participation from 47 Ventures, Habib Bank Limited, Dilsons Private Limited, and angel investors from Silicon Valley.
Founded in 2014, Healthwire has gone to become an operator of one of the largest horizontally integrated ecosystems of healthcare service providers in Pakistan. Founded by Hamza Iqbal, a LUMS graduate, with a vision to make access to quality healthcare accessible and affordable for every citizen of the country. Since its inception, the startup has been singularly focused on digitizing the operations of doctors, clinics, hospitals, labs, and pharmacies. Allowing it to become a widely integrated platform of thousands of health care service providers in over 60 cities of Pakistan.
In Pakistan and other Emerging Venture Markets across the MENA for example, the dip in Early-Stage deals was in congruence with a general slump in a total number of deals closed. Yet, despite a three-year slump in Early-Stage funding rounds across MENA, Turkey, and Pakistan, early-stage startups have been raising relatively higher rounds. Average ticket sizes raised by early-stage startups (Pre-Seed & Seed rounds) have been observing a 3 consecutive year growth between 2019 and H1 2021, most interestingly from $400K to $2.3M in Pakistan. In fact, 6 out of the top 10 Deals in 2021 YTD (by round size) in Pakistan raised early-stage rounds. Out of these 6 startups, 4 of them raised SEED rounds: T&L startup BridgeLinx raised $10M, Fintech Sada Pay raised $7.2M, E-Commerce Bazaar Technology raised $6.5M and Seed Labs raised $6.4M. The Fintech startup TAG, raised Pre-SEED in January of $5.5M and a SEED round in September of $12M, both of which come under the Top 10 deals of Pakitan in 2021YTD, by round size.
Building upon its strong presence in the healthcare service provider ecosystem, Healthwire, has now deployed a web and mobile application for patients to connect with those service providers. The platform is already connecting over 10,000 patients with doctors every single day. Commenting on the importance of this interaction, the co-founder and CTO of Healthwire, Muhammad Nabeel remarked, “The patient-doctor interaction is the point where the whole healthcare ecosystem converges. By having this interaction on our health-tech platform, we can ensure that quality healthcare is accessible to patients in the remotest areas of the country. The economies of scale of the tech platform allow us to ensure that this access is affordable and inclusive.
Khurram Zafar, Managing Director of 47 Ventures, and a seed investor in Healthwire said of their latest investment, "We are excited to be doubling down on one of the stars in our portfolio. The growth and momentum that Healthwire has built even during the tough COVID period is a testament to the strength and resilience of the team. It is destined to become the health tech leader of Pakistan." Sagheer Mufti, COO at HBL, also commented on their investment, “The HBL and Healthwire partnership seeks to expand access to quality and convenient healthcare in Pakistan. With the Healthwire investment. and collaboration, digital financial inclusion will be widened, reaffirming HBL's commitment to be a technology company with a banking license.”
Hassan Sheikh, Director at Dilsons Private Limited also concluded, “This investment gives us an opportunity to be part of Digital Health ecosystem that will shape the future of health tech. This partnership will enable us to be a part of Pakistan’s leading digital healthcare platform for disease management with strong capabilities and eventually leading to better healthcare outcomes for patients.” As a means to further its mission of using technology to improve the healthcare ecosystem in Pakistan through one platform, Healthwire would be using this funding to fuel its growth and aims to become the healthcare super app of Pakistan.
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