Digital healthcare platform, Vezeeta, has secured $40 million in a Series D round, bringing its total funding to over $63 million since its inception in 2012.
The new round was led by Gulf Capital, with strong support from existing investor, Saudi Technology Ventures (STV), who led Vezeeta’s $12 million Series C round in September 2018. Other high-profile investors also include BECO Capital, Silicon Badia, Vostok New Ventures, Crescent Enterprises’ CE-Ventures and Endeavour Catalyst.
Vezeeta enables patients to search, book and review the best doctors and medical services. It is currently operating in 50 cities across Egypt, Saudi Arabia, Jordan and Lebanon. The platform generates 4 million annual appointments, and provides SaaS solutions to more than 30,000 healthcare providers listed on its platform.
“Building a global healthcare powerhouse requires a strong investor base to support and drive continuous innovation and disruptive solutions,” said Amir Barsoum, Founder and CEO of Vezeeta.
With the latest investment, Vezeeta plans to boost its product innovation and fund global expansion plans during 2020. Vezeeta’s growth plans include rolling out its new digital capabilities of ePharmacy and Tele-health across its existing footprint and new markets.
“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,” said Karim El Solh, CEO of Gulf Capital.
“This latest growth capital funding is Gulf Capital’s sixth investment in the technology sector and highlights our commitment to capitalize on the fast-growing New Economy in the Middle East,” he added.
According to Zion Market Research, the global mobile-health apps market was valued at approximately $8 billion in 2018 and is expected to generate around $111.1 billion by 2025.