HealthTech O7 Therapy raises $2.1M SEED
HealthTech O7 Therapy, a technology-enabled therapeutic platform, with a network of bilingual psychiatrists and psychotherapists to support clients through mental health challenges, raises $2.1M SEED
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Egypt-based HealthTech O7 Therapy has raised a $2.1M SEED round, led by Hikma Ventures, with the participation of C-Ventures, Lotus Ventures, and several prominent angel investors.
Founded in 2019 by Ashraf Bacheet, Ashraf Adel, and Nader Iskander, O7 Therapy is a refined, scientific, and evidence-based online platform, established to support clients from around the world providing pathways to mental wellness and positively impacting the workforce. The startup has developed a platform that takes clients through a technology-enabled therapeutic journey and ensures the security and safety of clients, through trusted protocols for data encryption and storage, in a user-friendly framework. O7 Therapy has constructed a network of leading bilingual psychiatrists and psychotherapists to support clients through the mental challenges they might be facing.
The pandemic exposed a need for alternative health and wellness treatments and this led to an increase in investment in the Healthcare sector in the last two years with the MENA region raking in a staggering $107.3M in 2021. The sector observed a 29% YoY growth in funding, as recorded in our MENA Venture Investment Report 2022. The lion's share of investment in HealthTech last year went to Jordan-based Eon Dental with $26M, followed closely by Dubai-based healthtech startup and cosmetic treatment platform, selfologi ($17.5M). Major investments last year were dedicated to Pharmaceutical Marketplaces, and Digital Health platforms but InsurTech, Online Consultations, and Medical Record Management saw some big rounds too.
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The CEO and co-founder of O7, Ashraf Bacheet said, “Everyone deserves convenient and, more importantly, personalised trustworthy access to premium mental wellness services. This is what drives us to do what we do.
Hamzeh Abdul-Hadi, Principal at Hikma Ventures commented: “While COVID-19 has accelerated adoption of digital health services, it has also contributed to a rise in mental health issues such as loneliness, stress, anxiety, burnout, and more. We believe O7 Therapy is well-positioned to address some of these problems and provide people with a trusted platform for better health and wellbeing.” It is worth mentioning that this is the first round Hikma leads in the MENA region.
When asked about O7 Therapy‘s recent progress, Ashraf Adel, co-founder of O7 Therapy, said: “This journey is over two decades in the making, and its success is due to the harmony of leaders from different industries, all deeply invested in creating an accessible system to mental healthcare in the region.”
“Our Investment in mental wellbeing improves the lives of individuals in all areas of life; their student life, work, homes, family, friends and even physical health. This in turn improves the performance of entrepreneurs, SMEs, corporate and government employees, positively affecting countries economically” said Nader Iskander, co-founder of O7 Therapy. Employee Wellness Programs for organizations are provided through a unique B2B2E model, prioritizing the impact of mental health challenges in the workplace, focusing on raising awareness and understanding, creating safe and supportive spaces, and implementing strategies that promote mental wellbeing.
The investment will be utilized for supporting mental well-being, helping address different challenges, and advocating for mental health and wellness. The round is also aiming to enable growth across the Middle East and facilitate various new product features and developments while also expanding its client base. In addition, the recent investment will allow the team to expand its Corporate Wellness Programs for more organizations across the region, that are focused on elevating mental wellbeing in their workplace.
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