[Egypt] IFC invests $1 million in Vezeeta to bolster health innovations
IFC, a member of the World Bank Group, is investing $1 million in Vezeeta, an Egyptian technology company that operates an online platform that allows patients to quickly find doctors in three Middle Eastern countries.
The investment is part of IFC’s broader efforts to support entrepreneurship, expand access to finance for start-ups and help create new markets.
IFC’s equity investment is part of a larger financing package of up to $12 million in capital that Vezeeta recently raised from several investors. BECO Capital, a venture fund that IFC invested in earlier this year, is among the financiers.
The package will help Vezeeta—whose database includes more than 4,300 doctors and specialists—to scale up its operations in Egypt, Saudi Arabia, and Jordan while expanding into other countries in the Middle East and North Africa (MENA) region.
IFC’s support is also expected to help Vezeeta more than triple the number of patients it supports, boosting it to 1 million within the next five years.
Announcing the round, Amir Barsoum, Founder & CEO of Vezeeta stated, “IFC is a global power that will not only help fuel our growth but also bridge us to an incredible global network.”
Egypt’s population is expected to grow to 128 million by 2030 from about 97 million today. The country’s spending on health care, however, has not kept pace with population growth. IFC’s financing for Vezeeta aims to change that. It is a part of a push by IFC to support innovation in the disruptive-technology space in emerging markets.
“Start-ups like Vezeeta have the power to drive innovation in the Middle East and Africa,” said Philippe Le Houérou, IFC’s Chief Executive Officer. “Entrepreneurs across the African continent have enormous creativity and drive—and they’re using the power of new technologies to tackle the region’s most formidable social and economic challenges.”
In recent years, IFC has invested over $100 million in start-ups, venture funds, and accelerators across the MENA region. In Egypt, IFC has invested in Flat6Labs, an accelerator; and Algebra Ventures, a venture-capital fund.
The institution’s aim is to create an ecosystem that supports start-ups like Vezeeta, which have the potential to make life dramatically better for the people of this region.
In fiscal year 2018, IFC investments in Egypt hit a record $1.2 billion (including funds mobilized from other investors, supporting the country's banking, infrastructure, construction, agribusiness, and manufacturing sectors.