Vezeeta, an Egyptian healthtech firm has closed $40 million in a Series D investment round led by Gulf Capital to finance its expansion plans.
The Series D funding round was joined by existing investor Saudi Technology Ventures (STV), who led the health-tech firm’s $12 million Series C round in September 2018, Vezeeta. This brings the total funding raised so far by Vezeeta to $62 million.
Vezeeta is the leading digital healthcare platform in MEA that connects patients with healthcare providers and health services.
Patients are able to search, compare, book and review the best doctors in Egypt, Saudi Arabia, Jordan and Lebanon. It also provides innovative SaaS solutions to healthcare providers in the region.
“Building a global healthcare powerhouse requires a strong investor base to support and drive continuous innovation and disruptive solutions. Gulf Capital provides us with the perfect synergy for our future plans to diversify and expand our product portfolio on a global scale,” said Amir Barsoum, founder and chief executive of Vezeeta.
“We will continue to cater to local health-related pains while expanding our product portfolio to many more markets.”
Abu Dhabi-based Gulf Capital said its latest capital funding of Vezeeta is its sixth investment in the technology sector as it seeks to capitalise on the fast-growing “new economy” in the Middle East.
“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,” said Karim El Solh, chief executive of Gulf Capital.
This year, Vezeeta’s growth plans include rolling out its new digital platforms of ePharmacy and Telehealth across its existing footprint and new markets, it said in the statement.
The ePharmacy platform will offer services such as auto-refill services, medication reminders, same-day deliveries and hassle-free secure online payments to all users, among other healthcare services,” said Maha Melhem, vice-president of ePharmacy.
“Medications alone account for 47 per cent of the private healthcare opportunity, making ePharmacy a very exciting product,” she said.
“By providing a fully digitized pharmaceutical experience, we are able to eliminate the many middlemen that not only slow down the process but also hinder patients’ experience.”
STV, which backed Vezeeta in an earlier funding round in 2018, said the start-up has since made “incredible” progress in the kingdom.
“The next chapter for Vezeeta holds an even bigger opportunity, and we’re excited to see Vezeeta continue its growth in Saudi where it has become the undisputed market leader and to tackle vertical healthcare opportunities head-on,” Ahmad AlNaimi, senior principal at STV, said
