Altibbi, the largest health platform of the region has raised an investment of $6.5 million in its Series B round. The investment was led by Middle East Venture Partners (MEVP) and DASH Ventures, both of which had also invested in seed round of the company. TAMM, RIMCO Investments, Endeavor’s Catalyst Fund and some undisclosed investors also participated in this round. It’s the first investment by MEVP after they announced the launch of their new $250 million fund with Mohamed Alabbar last week.
Co-founded by Jalil Allabadi & Ayman Sharaiha in 2010, Altibbi offers different services through its platform that has more than 1.5 million pages of localized medical content in Arabic. Its content library includes articles, news, and Q&A. The startup was first in the region to introduce tele-health through its mobile applications.
The company plans to use the investment to expand its digital health offering for businesses and individuals in MENA. It will further enhance its content library and the Q&A platform, where verified Arab doctors answer 1,000 daily questions. As of now, its directory has more than 12,000 directors.
Headquartered in Dubai, Altibbi aims to expand its premium health plans to new markets. The plans will offer real-time, round-the-clock tele-health services and unlimited access to primary care local doctors. The company also plans to invest in developing integrated industry-specific solutions for businesses in the region which will help them enhance employee wellness and save on healthcare costs.
Ayman Sharaiha, Co-founder and COO at Altibbi, added, “The funding is fully dedicated to further growing the company, which has established an exceptional track record as a premier provider of trusted health and wellness information in the region serving over 6 million people every month. We believe there is a true opportunity to further build Altibbi’s portfolio of telehealth solutions for the benefit of companies and consumers in the region.”
Currently, the company provides its ‘connected health’ services and solutions in 10 markets across the region, which are delivered through different Altibbi mobile applications and the web platform.
Jalil Allabadi, Founder and CEO at Altibbi, said: “We are fortunate to work with some of the reputable and supportive venture capital firms and strategic corporate VCs in the region, and confident that this partnership will further accelerate our efforts towards a more prosperous future with universal access to healthcare. The rapid growth of our company over the past years has clearly illustrated the ever-growing demand for innovative health solutions in our region, and we are delighted to witness first-hand how our products are solving real problems. Altibbi is proud to provide cutting-edge, inclusive health services and looks forward to further strengthening these solutions by offering the best connected health solutions the region has seen to date.”
Commenting on the investment, Walid Mansour, Partner and Chief Investment Officer at MEVP, said: “Altibbi is the undisputed leader in providing access to doctors on-demand as well as having a vast and expanding content library. Altibbi’s growth over the past year has given us conviction in the company’s leadership and with re-investing and providing additional capital for it to scale. The team at Altibbi has the passion, expertise, and energy to take this company to the next step. We also welcome our new partners TAMM Invest, Rimco and Endeavor as strategic and valuable co-investors”
“Telecommunication has been at the forefront of the global technology boom,” Omar J. Sati Managing Director at DASH Ventures expresses. “It was only a matter of time before this technology delivered a seismic shift to the healthcare industry. Altibbi is not just a TeleHealth platform but a mobile medical system, where patients literally have control of their own health within the palm of their hands. We are proud to have played a crucial role in helping Altibbi establish themselves as the region’s main digital health provider, transforming the future of healthcare access, quality, and cost.”
According to publicly available data, Altibbi had previously raised a seed investment of $2 million in 2015. That should take the total investment raised by the company after this latest round to $8.5 million.
Latest posts by MB Staff (see all)
- STV hires former Google executive Ivan Jakovljevic to help its portfolio companies grow - February 12, 2020
- Jordan’s POSRocket partners with payments giant Geidea to sell its POS cashier software in Saudi - February 11, 2020
- Omani ecommerce marketplace MarkeetEx raises $1 million seed - February 9, 2020