MAGNiTT's useful shortlist of top-funded HealthTech startups in MENA
After covering the top funded MENA-based entertainment startups to stop you from dying of boredom, the next topic that we will focus on in this series is a little bit more serious: HealthTech. Enough said.
More now than ever before, with the COVID-19 pandemic, it is increasingly important to have access to high-quality healtjh services in the form of doctors and other medical services and information. As part of our initiaitve to always showcase MENA's startups, we've listed the top 5 MENA-based HealthTech startups by amount of disclosed funding, as well as provided an honourable mention for mental health.
We hope this helps, stay safe out there!
Vezeeta - $64.1M disclosed funding
Founded by Amir Barsoum and Ahmed Badr in 2011, Egypt-based Vezeeta provides a healthcare platform to find and book doctors. The startup’s platform helps patients to find doctors and healthcare providers near them, as well as get reviews of other patients to ensure the quality of the healthcare providers.
With its $40M Series D funding round in Q1 2020, the startup has raised the largest-ever Healthcare funding round in the MENA region, upping its total disclosed funding to $64.1M. Its investors include STV, BECO Capital, Endeavor Catalyst, IFC, Silicon Badia, and Vostok New Ventures, among others.
Okadoc - $12.3M disclosed funding
A recent up-and-comer in the rankings is UAE-based Okadoc, founded by Fodhil Benturquia, which raised its $10M Series A funding round in Q1 2020 as well, with participation of ADIO and Ithmar Capital Partners, bringing its total funding to $12.3M.
The startup's platform uses a medical calendar system, which enables patients to find nearby doctors, book doctor's appointments online, and read doctor reviews – like many startups in the HealthTech space. Through this booking and feedback system, Okadoc helps hospitals and medical professionals optimise their bookings and strengthen their online reputation, as well as reduce 'no-shows'. We interviewed Fodhil to talk about the future of tech in health-care on the day the announced their most recent raise.
Altibbi - $8.5M disclosed funding
Altibbi is a digital health platform intended to transform the future of healthcare access, quality and cost. However, unlike some providers in the Middle East, the startup’s platform translates medical terminology in English into Arabic, enabling users to connect doctors easier and faster in the region.
Jalil Allabadi, founder and CEO at Altibbi, derived the idea from his father, Dr. Abdelaziz Allabadi, a general surgeon. This has not been without its success, as Altibbi has raised a total of $8.5M in disclosed funding since its inception from investors such as MEVP, DASH Ventures, and Endeavor Catalyst.
WebTeb - $5.1M disclosed funding
Are you just looking for medical information? Then WebTeb might be the right source for you. The Jordan-based startups provides an online portal for medical and health information, including knowledge and easy access to trusted information. This enables users to get professional and ethical information from healthcare providers from the comfort of their own homes. Founded by Mahmoud Kaiyal in 2011, the startup has raised a total of $5.1M in disclosed funding from Sadara Ventures, Siraj Company, and other investors.
Health at Hand - $4.0M disclosed funding
Last, but certainly not least, is Health at Hand, founded by Charlie Barlow. The startup provides a HealthTech application designed to offer video consultation by doctors, including full access to your video consultation history and doctor's reports, which allows you to create a personal health profile and securely save vital statistics in one place. In total, the startup has raised $4.0M in disclosed funding to further develop its offering.
Of course, many of these startups focus on physical health – something very important, no matter the situation. However, what has often been a taboo, especially in the entrepreneurship community, is mental health. Yes, running a startup is incredibly difficult and hard! And yes, a crisis makes this even more stressful. There is no denying that.
Hence, we would like to provide an honourable mention for Shezlong, an Egypt-based online psychotherapy platform for Arab people to meet licensed and qualified therapists – something that anybody might need during a time like this. Founded by Ahmed Abu Elhaz in 2014, the startup has raised $0.5M in disclosed funding.
We hope that this article has been helpful to you. Stay safe!
E-commerce deals in MENA-based startups have tripled from 2016 to 2019. Find out more details behind this trend and many more in our 2019 MENA E-commerce Venture Investment Report HERE