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Nigeria-based Helium Health (“Helium”), the leading healthcare technology provider in Africa has announced its successful acquisition of Meddy Inc., the GCC-based doctor booking platform, which operating in Qatar and the U.A.E. This acquisition could be of great value for both markets as it consolidates Helium's world-class HealthTech infrastructure innovation with Meddy's regional and local network and business acumen. This cross-pollination between these two Emerging Venture Markets foreshadows an exciting future for both the startups and the Healthcare industries in their respective geographies.
Founded in 2016 with its flagship product, Helium Health EHR, a cloud-based/offline health records and hospital management (EHR/HMIS) solution that is simple, robust, easy-to-adopt, highly customizable, and built around the peculiarities of emerging markets. Founded in 2015, Meddy Inc. launched its doctor booking platform helping patients find the best doctors and book appointments. Meddy’s platform and outstanding management team complement Helium’s business model and ideally positions Helium to service the GCC healthcare market.
As most recently recorded in our Q3 2021 EVM Healthcare Venture Investment Report, Egypt ranked as the top geography by number of deals and amount of capital deployed backing Healthcare startups in MENA. Overall, investments in the MENA Healthcare sectors have taken a backseat, after ranking as the 5th most funded ecosystem in MENA by H1 2021. Despite an almost 65% YoY decrease in capital invested in the MENA healthcare sector by Q3 2021, it is remarkable to see further innovations integrating AI and automation to optimize management processes. Of which, startups like Sotech, Bypa-ss, Glance Care, Cura, and most recently TachyHealth have raised major rounds this year.
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While Healthcare in the GCC is set to grow rapidly, investment in digital infrastructure will account for 30 percent of healthcare investment in the region between 2023 to 2030. To that avail, Helium is building the digital infrastructure to power world-class healthcare services, across Africa and the Middle East which positions this latest acquisition in line with Helium’s strategy to expand in Africa first – where the company is present in Nigeria, Ghana, Liberia, Senegal, Kenya, and Uganda and then move into wider emerging markets like the GCC. Meddy’s CEO - Haris Aghadi, and COO - Abed Alkarim Khattab, will join Helium’s leadership team and play integral roles in Helium’s execution of its GCC strategy and operations.
In light of this power-partnership Adegoke Olubusi, CEO of Helium Health highlighted “ Our business model has primarily been robust organic growth, but we always remain open to strategic acquisition opportunities.” Olubusi shared his confident vision for this new entry to MENA “We will be leading the HealthTech revolution in MEA. In Qatar, UAE and KSA, a great market opportunity exists to work with care providers to improve patient interaction, make healthcare data more interoperable, and improve revenue cycle management. I am excited to welcome Haris and his team to the Helium Health family and look forward to many years of fruitful collaboration.”
As of November 2021, Meddy has facilitated more than 200,000 bookings, enabling healthcare providers to generate approximately $130 million in billings. Meddy works with over 150 top private healthcare providers in Qatar and the UAE. With this new acquisition, Helium will be able to deploy its Electronic Medical Records (EMR) technology and healthcare financial solutions across the GCC market. Whilst the GCC’s healthcare market is more mature than Africa’s and has a higher technology penetration, the technology present in the region is more siloed.
Haris Aghadi, CEO of Meddy Inc. concluded “Joining Helium is a perfect next chapter for Meddy as it enhances our mission to help patients make informed health decisions. Our goal has always been to provide technology to all the stakeholders across the value chain and joining forces gets us there faster. There is a strong synergy between our products, teams, and markets. Combining Meddy’s marketing solutions with Helium’s clinical solutions will add tremendous value to our customers and transform healthcare in the Middle East and Africa.”
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