MedIQ, a Pakistani healthtech startup, has secured $6 million in Series A funding to accelerate its expansion across the Middle East, with a primary focus on Saudi Arabia, the company announced today. The round was led by Qatar’s Rasmal Ventures and Saudi Arabia’s Joa Capital, with participation from existing investors.
Founded in 2020 by physician-turned-health economist Dr. Saira Siddique, MedIQ expanded to Saudi Arabia in 2023 and aims to become the “operating system” for healthcare in the MENA region. The company offers a suite of digital healthcare solutions including claims management, policy administration, utilization management, and network management services.
MedIQ’s technology platform connects patients, providers, and payers through a digitally-enabled, cashless healthcare ecosystem powered by their third-party administrator (TPA) services. Their offerings include cashless outpatient and inpatient management solutions, AI-based claims verification, corporate wellness programs, and customized health and life insurance plans.
“People don’t just suffer from illnesses, they suffer from the system,” said Dr. Saira Siddique. “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare, a scalable infrastructure that improves outcomes and reduces costs.”
The funding, which brings MedIQ’s total raised capital to $9.8 million, will be used to further expand its proprietary B2B and B2B2C
“Digitally Integrated hybrid healthcare Ecosystem” in Saudi Arabia, a market sector worth $1.92 billion (SAR 7.2 billion). Following the Saudi expansion, the company plans to enter Qatar and other neighboring GCC countries.
The healthtech startup has established a significant presence in Pakistan, serving over 10 million customers and achieving EBITDA positivity before its expansion to Saudi Arabia, it claimed in a statement. MedIQ currently employs 180 people across its offices in Islamabad and Riyadh.
Yousef Alyousefi, CEO of Joa Capital, said, “We truly subscribe to the mission of improving healthcare using technology. The progress MedIQ has achieved since our investment, especially in Saudi Arabia, is incredible. We are thrilled to double down on our position.”
MedIQ’s digital ecosystem includes online doctor consultations, lab and diagnostic services, hospital visits, electronic medical records, and claim submission capabilities. The company has built a healthcare network that includes thousands of service providers offering cashless services across more than 50 cities.
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