Egypt’s online marketplace for medical tourism Doctoorum has raised an unspecified amount of Pre-Series A investment from Dubai-based Numu Capital. The startup just graduated from the VC’s firm’s AUC Venture Lab accelerator program.
It’s as though the deal was closed a few months ago, but is now being announced by the investor. As at press time, Doctoorum is yet to respond to WeeTracker’s inquiries about how the funds would be deployed.
The Cairo-based company was founded Yemeni Begad Nasser to help patients access affordable medical treatment and premium healthcare in certain locations. The startup provides for transportation to health facilities, as well as quality accommodation.
The medical tourism industry of today is one of the key players in the world economy. That of Egypt stands as one of the most important parts of its economy.
Having received a peak of 15 million investors, the sector is driving for further exploration. Citing an official statement, the GCC region is one of the most significant when it comes to medical tourism. The likes of Egypt, Morocco and Jordan have become the most visited destinations.
A report by VISA and Oxford Economics expects the medical tourism industry to grow at a 25 percent rate over the next ten years. The publication reveals that 3 to 4 percent of the world’s population will travel internationally for healthcare.
According to the same report, the medical travel market could soar to an astronomical USD 3 trillion by 2025.
Doctoorum plans to raise a Series A round in the coming months. With an eye on the sector’s expected billion-dollar value, it’s looking to expand operations to Europe and Southeast Asia.
Numu Capital’s Managing Director, Jamal AlMutarreb, said that the investee is a promising venture. The founder, Begad, is said to have a solid grasp of the medical tourism industry.
Asides from that, he has also set up a formidable team in which the investor believes. “We have been eyeing the medical tourism industry for a while, and we were thrilled when Begad pitched Doctoorum to us,” he adds.
Numu Capital does not invest in technology but in entrepreneurs. The VC firm is also on the lookout for promising entrepreneurs. It wants those with good track records, excellent skills and the capacities to crack markets.
It invested an undisclosed amount in Egypt’s video analytics startup Mintrics with the same drive. Numu Capital also helps early-stage companies it has invested in to secure their next funding round.
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