By December 10, 2018

Egyptian Healthtech Startup Vezeeta Raises Investment From IFC

By December 10, 2018

Egyptian healthtech startup, Vezeeta, has secured an undisclosed amount of investment from World Bank Group’s International Finance Corporation (IFC). This development sees Vezeeta become the first Egyptian technology company to bag a direct investment from the IFC.

Vezeeta is one of the leading healthtech startups in the MENA region and the latest investment from IFC into the Cairo-based company follows a previous announcement which saw the startup close a Series-C round worth USD 12 Mn. That round was led by STV; a Saudi-based investment firm.

Vezeeta was launched in 2012 by Amir Barsoum. The startup makes it possible for patients to search, compare, book, and consult with doctors in Egypt, Saudi Arabia, Jordan, and Lebanon. Vezeeta also assists medical personnel with practice management solutions that help in better management of medical appointments and patient data.

Up to 2 million appointments are believed to be facilitated by the platform on a yearly basis, and that’s according to the startup. More so, Vezeeta claims to have over 10,000 healthcare providers signed on to the platform, providing services to at least 2.5 million patients in the region.

With regards to the development, Amir Barsoum, Founder and CEO of Vezeeta, offered that the investment from a “global power” like the IFC will help accelerate the growth of the startup, as well as buoy its plans of building a formidable global network.

Chief Executive Officer of the IFC, Philippe Le Houerou, also commented on the development expressing his confidence in the ability of Vezeeta to drive innovation in the MENA region. The CEO also expressed delight at the prospect of African entrepreneurs harnessing their creativity and drive with the power of novel technologies to address some of the continent’s most pressing problems.

Vezeeta’s Chief Technology Officer, Adel Khalil, also rendered his voice in support of the development reiterating its importance in helping the startup keep up with its mandate of empowering millions of patients in the region, and making sure patients and healthcare providers are seamlessly connected by leveraging data and new products in healthcare.

Mohammad Elmougi echoed, Vezeeta’s VP North Africa, echoed the thoughts of the CTO when he hinted at the commitment of the startup to pulling down all accessibility barriers and improving the quality of healthcare experienced by patients in the region through the elimination of all the bottlenecks that currently bedevil quality healthcare service accessibility.

While this is undoubtedly the IFC’s very first direct investment in an Egyptian technology venture, it would, however, not be the first this investment arm of the World Bank Group is throwing about its financial weight in the MENA region. Over the course of the past few years,  the IFC is known to have made funding commitments worth over USD 100 Mn in startups, venture funds, and accelerators across the Middle East and North Africa, including such Egyptian ventures as Flat6Labs and Algebra Ventures.

 

Feature image courtesyMENAbytes

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