Vezeeta Raises $40 M in Series D; Sure to Witness Competition from Okadoc
A healthcare firm operating in the Middle East and North Africa – Vezeeta, has announced plans to raise $40 million in a Series D round. The Series D funding round was led by Abu-Dhabi based Gulf Capital, which is seen as the most active alternative asset management firm. Previous leader of Vezeeta’s $12 million Series C, Saudi Technology Ventures (STV) has also joined the round.
With the last round, the healthcare start-up has successfully raised $63 million. CEO of Vezeeta, Amir Barsoum recently confirmed that the firm is valued above $100 million. Having shifted its headquarters from Cairo to Dubai recently, the firm has performed much better than it did in its Series C funding ($32 milion).
As customers look for comfort and ease while looking for healthcare services, Vezeeta has now planned to use its income from annual appointments for enhancing its digital capabilities with respect to ePharmacy and telehealth. Currently operating in 50 cities across Egypt, Jordan, Saudi Arabia and Lebanon, the firm seems to be catering to expand its foothold in new markets in near future.
Speaking about the aid from Gulf Capital, Amir Barsoum said, “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.”
He added, “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.”
Addressing reporters, CEO of Gulf Capital, Dr Karim El Solh said that Vezeeta is leading the digitization of the health care sector and with this merger, the two will be working towards improving digitization in other parts of the health care value chain.
Emerging as a potential competitor of Vezeeta, another healthcare service provider – Okadoc has raised $10 million in its Series A. The announcement was made at the Step Conference in Dubai today. The recent investment reflects a hike of almost $10 million from the seed round. The firm had previously raised $2.3 million.
Although giving tough competition to Vezeeta in Saudi, Okadoc has an upper hand in the UAE as Vezeeta does not operate there currently. It remains to be seen if Vezeeta will be able to surpass the existing popularity of competitors like Okadoc with its latest investment plans.
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