EGYPT – Egyptian healthcare platform Vezeeta has closed an undisclosed funding round led by Abu Dhabi’s Gulf Capital that will finance acquisitions and expansion across the Middle East and North Africa (MENA) region.
Vezeeta offers doctor appointment bookings, consultations, an e-pharmacy and lab sample collection through its digital platform for more than 10 million patients across 80 cities. It currently operates in Egypt, Saudi Arabia, Lebanon, Jordan, Nigeria and Kenya.
“Patients can book a lab sample collection in less than two hours, order their medication and schedule home delivery in 60 minutes using the pharmacy solution,” the company announced on its site.
In its first significant move towards a software-as-a-service model, Vezeeta introduced a subscription option for digital healthcare solutions to more than 35,000 doctors. It has also integrated its technology solutions in 20 clinics in Egypt.
The healthtech startup has so far raised around US$90 million in growth capital following the latest funding round led by existing investors including Sweden’s VNV Global, formerly known as Vostok New Ventures.
The digital health company will use the growth capital to support scaling activities at a time when start-ups in the MENA region have seen investment levels decline in 2022 due to the global economic crisis, rising inflation and a drop in tech stocks.
“This support and investment will allow us to embark on a new journey of growth, to scale our innovation to more people in the Middle East and North Africa region,” Amir Barsoum, Vezeeta’s Founder and Chief Executive Officer said.
He further said that the company’s last funding was a US$40 million Series D round in February 2020, adding that it has raised at least US$73 million since it was founded in 2012.
“Vezeeta today is firmly positioned as the largest HealthTech platform in the Middle East and Africa,” said Alvaro Abella, Managing Director of private equity at Gulf Capital.
He pointed out that Egypt remains a key market for the existing investors, adding that they recently opened the private equity’s regional offices in Cairo with the aim of continuing to back successful growth stories similar to Vezeeta.
Gulf Capital has closed 37 investments since its inception in 2006 and currently manages more than US$2.5 billion in assets. This is the second investment round for Vezeeta that Gulf Capital leads.
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