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Egypt’s and indeed one of Africa’s leading digital healthcare startup, Vezeeta, has raised USD 40 Mn in a Series D funding round led by arguably the largest and most active alternative asset management firm in the Middle East; Gulf Capital.
The round had strong support from existing investor, Saudi Technology Ventures (STV), who led Vezeeta’s Series C round in September 2018.
The latest investment will boost Vezeeta’s mission to empower patients in Middle Eastern and African markets with its integrated digital healthcare platform.
Since launching in 2012, Vezeeta has grown to become a mainstream digital leader of healthtech solutions, enabling patients to search, book and review the best doctors and medical services in just one minute.
Currently operating in 50 cities across Egypt, Saudi Arabia, Jordan and Lebanon, the platform claims to generate 4 million annual appointments, tripling year over year.
“Building a global healthcare powerhouse requires a strong investor base to support and drive continuous innovation and disruptive solutions. Gulf Capital provides us the perfect synergy for our future plans to diversify and expand our product portfolio on a global scale,” said Amir Barsoum, Founder and CEO of Vezeeta.
With the support of STV in 2018, Vezeeta was able to bolster its expansion plans primarily in Saudi Arabia. “Leveraging our technology, we have helped patients tap into the power of choice, and the power of information, to access the kind of healthcare that our users deserve. We will continue to cater to local health-related pains while expanding our product portfolio to many more markets,” added Barsoum.
Commenting on the development, Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, said, “Empowering patients and their families through technology to give them better access to healthcare services and more meaningful and manageable relationships with their healthcare providers has never been more important.
“We were impressed with the work that Amir and his team were doing and are excited to be working with Vezeeta on its next phase of growth. We believe that, with the right financial and operational support provided by the exceptional set of investors around the table, Amir and his team can scale up Vezeeta rapidly and position the company as the undisputed leader in the healthcare technology sector in the region. “
He added, “This latest growth capital funding is Gulf Capital’s sixth investment in the technology sector and highlights our commitment to capitalise on the fast-growing New Economy in the Middle East.”
Having secured more than USD 63 Mn in funds since its founding in 2012, Vezeeta’s cohort of other high-profile investors also includes BECO Capital, Silicon Badia, Vostok New Ventures, Crescent Enterprises’ CE-Ventures, and Endeavour Catalyst.
As part of the funding development, Alvaro Abella, Director at Gulf Capital, will be joining the startup’s board.
Vezeeta’s growth plans for 2020 include rolling out its new digital capabilities of ePharmacy and Tele-health across its existing footprint and new markets.
These growth plans are in line with the company’s commitment to creating value for patients and healthcare providers in emerging markets, by empowering them with data, ease of access and affordable solutions in healthcare.
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