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Altibbi announces $44
million Series B fund raise
led by Foundation Holdings,
Hikma Ventures and others
(Dubai, UAE) -
Altibbi, the Middle
East’s largest AI-based
digital health platform,
announces a $44 million,
Series B fund raise; the
largest single financing
round for a regional Digital
Health company.
The
round brings together a
number of strategic and
financial investors and the
heavily oversubscribed round
was led by Foundation
Holdings, Hikma Ventures and
existing investors Global
Ventures and DASH Ventures.
Raising more than US$50
million in funds since its
founding in 2011, Altibbi’s
diverse shareholder base
also includes high-profile
investors Endeavor Catalyst,
Middle East Venture Partners
and Al Rashed, among others.
Jason Kothari, Senior
Advisor at Foundation
Holdings and an experienced
business leader, will be
joining the Altibbi Board on
behalf of Foundation.
The global digital
health market size exceeded
$142 billion in 2020 and is
estimated to grow at over
17% annually until 2027. The
remote healthcare market in
the Middle East and North
Africa is projected to reach
~$2 billion in 2024. 400
million people in the Arab
world lack basic health
services, including access
to medical information and
advice, as over 70% of
doctors' visits are
unnecessary and add to the
burden on the health system.
Additionally, chronic
conditions are an increasing
burden to affordability of
healthcare across the globe.
Altibbi is the
largest AI-based digital
health provider in the Arab
world with unrivalled scale
and innovation. The Company
hosts over two million pages
of content, and has
published six peer reviewed
scientific papers in the
last year alone. It has
conducted 4.5 million
telehealth consultations to
date, has 20 million unique
visitors a month to its
platform, and offers its
24/7 telehealth services
across seven regional
countries - with over 1,500
active certified doctors on
the platform. Altibbi’s AI
engine, created by their
leading team of data
scientists, engineers and
clinicians, also provides a
unique capability for a
comprehensive patient
solution.
The new
funds will be used to expand
the platform’s offering into
online pharmacy and
diagnostics collection to
establish the regions first
end-to-end fully integrated
primary care offering,
providing high quality,
affordable, accessible
value-based healthcare in
accordance with Saudi Vision
2030 and Egypt’s Ministry of
Health and Population.
Digital healthcare
innovations are key for
supporting Saudi Vision 2030
and the Company will also
increase its investments in
machine learning to further
support doctors in providing
more precise diagnostics,
referrals and prescriptions.
Jalil Allabadi,
Founder & CEO of Altibbi,
said: “We are
thrilled to complete this
significant funding round,
with the endorsement of
leading financial and
strategic investors with
strong healthcare and
technology expertise. We are
grateful to our new and
existing investors, our
partners and the brilliant
Altibbi family and team for
allowing us to forge ahead
with our mission. Altibbi is
playing a critical role in
organising digital
healthcare services,
improving quality and
convenience for patients,
and reducing costs of
insurers and governments,
even as it expands access
across the region. Building
an end-to-end platform and
strengthening our geographic
presence have always been
strategic priorities.”
Abhishek Sharma,
CEO of Foundation Holdings,
commented: “Digital
Healthcare is witnessing
unprecedented growth and we
are set to sail into the
golden age of healthcare and
healthcare technology.
Altibbi has already achieved
a leadership position in the
digital healthcare industry
while demonstrating superior
unit economics. Our
objective is to support
Altibbi to reach a superior
position where its quality,
exponential growth and
trusted brand will enable
them to be the first
publicly listed digital
health unicorn IPO in the
GCC.”
Lana
Ghanem, Managing Director of
Hikma Ventures, said:
“Altibbi is re-engineering
healthcare, shifting the
focus from sick care to
preventative healthcare so
that patients experience
better health, and reduced
costs. We fully believe and
support their highly
scalable, digital-first
platform combined with their
quality, virtual clinical
operations to provide
integrated, personalized
healthcare. An integrated
digital platform is no
longer a nice to have in
healthcare but is an
essential tool to deliver a
more efficient model of
care.”
Investment
bank Awad Capital was the
exclusive advisor to Altibbi
for the transaction.
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