Vezeeta Raises $12 Million In A New Round Led By STV

Egypt-based Vezeeta, a digital healthcare platform in MENA, has closed a Series C investment of $12 million from a group of investors- a sign that healthcare startups are finding favor among the regional investors.

This round of funding was led by STV, one of the largest VC funds in the region, along with existing investors BECO Capital, Vostok New Ventures, Silicon Badia, and a new investor Crescent Enterprises’ CE-Ventures from the UAE.

The latest round brings the total funding injected into Vezeeta to around $23 million.

In an exclusive statement to Forbes Middle East, Vezeeta said that the fresh financing will be used to fund its continued regional expansion, primarily in Saudi Arabia, and for further investments in key new products.

A healthcare technology startup, Vezeeta connects patients and doctors through an online platform. It also provides SaaS solutions that utilize cloud computing and big data to empower doctors, building the infrastructure for the development of the broader healthcare ecosystem.

“We love to support high-caliber founders who are transforming major industries… We believe Amir and the Vezeeta team can truly elevate the healthcare experience in the region” said Hani Enaya, Partner at STV.

Founded in 2012 by Amir Barsoum and Ahmed Badr, Vezeeta has managed 3 million bookings in the region, served 2.5 million consumers & patients and connected more than 10,000 doctors in Egypt, Saudi Arabia, and Jordan.

Vezeeta ranked fifth among Forbes Middle East’s Top 100 Startups In The Arab World 2017.

According to a study conducted by Wamda Research Lab, Egypt and the UAE had the most health startups in MENA, followed by Palestine, Lebanon, Jordan, and Saudi Arabia as of 2016. Mobile health and connected health solutions are the most prevalent forms of digital health activity coming from startups in the region to date.

MENA governments have spent massively in healthcare over the recent years, with investment tripling from $30 billion in 2003 to $96 billion in 2013. Healthcare spending is projected to reach $141 billion by 2020, which should help expand the market for health startups.

Global digital health market was valued at approximately $122.66 billion in 2017 and is expected to generate revenue of around $423.11 billion by the end of 2024, according to Zion Market Research.