Egyptian Healthtech Startup Vezeeta Raises USD 12 Mn Series-C Investment From Saudi’s STV Capital
In what could be considered the largest ever lone investment garnered by an Egyptian startup, Cairo-based healthtech startup, Vezeeta, has secured an investment of USD 12 Mn for further development of its healthcare platform.
Saudi-based STV Capital is believed to be the dominant player in the latest investment which marks the closing of a Series-C round for the startup. Also weighing in the most recent investment round and joining the Saudi-based investor which, in many quarters, is regarded as one of the largest VC funds in the MENA region, are the startup’s existing investors which include Jordan’s Silicon Badia, Sweden’s Vostok New Ventures, BECO Capital from the UAE, as well as Dubai-based Enterprises’ CE Ventures.
Since coming into existence in 2012, Vezeeta can be thought to have made significant strides in the healthtech space as the startup is believed to offer assistance to users in the area of booking medical appointments and soliciting for health services through its web-based platform and mobile apps.
The platform is considered unique in that it affords users the option of easily seeking out some of the best medical professionals by narrowing down search options to any of such criteria as specialty, geographical area, or insurance provider (as is applicable). The Vezeeta platform also makes provisions for the comparison of the healthcare professionals available, as well as the reading of verified reviews and ratings, to helping users easily make the best possible choices when it comes to making medical appointments. Also incorporated into the startup’s business model is a SaaS offering which is designed to facilitate and ease operations management for healthcare providers.
Besides Egypt which is where the startup debuted, Vezeeta also boasts a presence in Saudi Arabia and Jordan. The platform also claims to have over 10,000 doctors signed on to the platform and currently utilizing its services. The numbers from the healthtech enterprise indicate that the platform has served over 2.5 million users from various parts of Egypt, Saudi Arabia, and Jordan since inception, and it is also believed that Vezeeta has facilitated more than 3 million bookings during that time.
The latest injection of capital is expected to primarily fuel its expansion plans into various parts of Saudi Arabia where it is yet to have a stronghold having launched there only recently, as well as weigh in significantly in the development and launching of some new offerings.
With the Series-C investment now in the bag, Vezeeta could well be mentioned in the same breath as some of the best-funded startups in the region as investments received by the startup since its establishment is now believed to have surged up to around USD 22.5 Mn in total. The latest round of investment closed by Vezeeta follows in a similar manner as Tunisian healthtech startup, DabaDoc, who were recently reported by WeeTracker as having raised an undisclosed amount in equity funding from AXA Insurance Morocco. And considering the bodes and omens, these developments can be construed to imply that healthtech startups in MENA may indeed be in for a rain of bills.
Feature image courtesy: thinkmarketingmagazine
