[Egypt] E-health startup Vezeeta raises $40m Series D funding round
Egyptian e-health startup Vezeeta has raised a US$40 million Series D funding led by UAE-based Gulf Capital, alongside further investment from existing Riyadh-based investor Saudi Technology Ventures (STV).
The startup plans to use this new funding to roll out new products as well as fund its global expansion plans in 2020.
Launched in 2015 in Cairo, Vezeeta has grown to become a mainstream digital leader of health-tech 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 generates 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,” adds Barsoum.
“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. ‘’ Dr Karim El Solh, Chief Executive Officer of Gulf Capital said.
‘’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. 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 adds say.
In 2020, Vezeeta’s growth plans include rolling out its new digital capabilities of ePharmacy and Tele-health across its existing footprint and new markets.