Kuwait’s Sihaty raises $1.3M in Pre-Series A round
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Sihaty, the Kuwait-based HealthTech startup and digital health platform has successfully raised $1.3M in its recent funding round. The Pre-Series A round included the participation of Rasameel Investments, Doha Tech Angels, key regional angels, as well as follow-on participation from The Taken Seat Fund.
Founded in 2019 by The Taken Seat, a regional venture builder, Sihaty launched its advanced telehealth platform in 2020 aiming to build a comprehensive virtual primary healthcare system allowing users to seamlessly connect to its network of select doctors, pharmacies, laboratories, and imaging centers.
Based on our recently released H1 2021 EVM Healthcare Venture Investment Report, industry funding witnessed a remarkable 22% decrease YoY across EVMs in the first half of the year. However, despite the dip in funding, we observed an uptick in the volume of deals equivalent to 50% of all deals closed in FY 2020, yet most importantly a remarkable surge in early-stage funding that highlights a healthy future for the Healthcare sector. The frequency of Seed funding rounds valued under $3M rose impressively to account for 53% of Healthcare transactions in
MENA in H1 2021.
The startup currently serves Kuwait and Saudi Arabia and, in less than a year, has amassed over 200k app downloads. Sihaty has performed tens of thousands of teleconsultation minutes to date. In light of this recent investment Dakhil Al Dakhil, EVP for Alternative Investments at Rasameel Investments highlighted “Our focus at Rasameel is to identify promising opportunities in transformative sectors. The key depends first and foremost on the team and the market potential of the venture. The Taken Seat founders are making a reputation for themselves as serial entrepreneurs. They manage to leverage their expertise and put together a world-class team capable of exceeding expectations in their go-to-market strategy. And that is precisely what we are experiencing them doing with Sihaty.”
Through its tech-facilitated platform, Sihaty has created a fully integrated healthcare system that can be accessed on-demand. Sihaty’s technology platform meets the rigorous HIPAA data security standards and offers a unique virtual urgent care service that allows users to be seen by a board-certified family or emergency doctor within minutes. Moreover, the team is betting on its clinical workflow and end-to-end solution to maximize relevance and convenience. When prescribed, medications and laboratory tests are delivered to your doorstep. Dr. Nadeem Alduaij, Co-Founder and CEO of Sihaty elaborated “People need to be reassured. They need to know that they’re entering a system of care that has their best interest in mind. We offer the top healthcare professionals who practice high quality, evidence-based, and ethical medicine.”
Sihaty plans on using its newly acquired funds to service the entire Gulf region, but most importantly to further develop its offering to fit its absolute goal. By assigning a family doctor per user, Sihaty plans to be more proactive about stigmatized disorders and especially more attentive to mental health. There is no arguing that the Kuwait-based healthcare startup is set to disrupt the healthcare industry but also have a great impact on society as Dr. Nadeem concluded “Despite our obsession with building bigger and better hospitals, our region holds the alarming record of having the fastest growing chronic disease mortality rate in the world. A paradigm shift is long overdue, and we already know what the solutions are. Technology has the power to scale and enhance their impact.”
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