Saudi Arabia-based healthtech Tuba has raised $8 million in a pre-seed funding round led by Al-Waalan Investment, with participation from angel investors, the company announced on Thursday.
Founded earlier this year by Fayez Al-Anazi, who previously founded and led the new and used cars marketplace Syarah, Tuba aims to simplify healthcare management for both patients and providers through AI-powered solutions that enhance operational efficiency, reduce costs, and foster more transparent, patient-centric experiences.
Fayez stepped down as Chief Marketing Officer of Syarah in March 2024 but remains a board member, according to his LinkedIn profile.
Tuba hasn’t shared many specifics about its offerings but screenshots on its website suggest its app connects with insurers and lets users track treatment approvals, request prescription refills, submit reimbursement claims, and consult with doctors online.
“When we launched the ‘Syarah’ platform, our goal was to reshape the used car market through technology and transparency. Today, we see a similar opportunity in the healthcare sector, which lacks modern solutions that keep pace with its growing needs,” said Fayez Al-Anazi, Founder and CEO of Tuba. “Through Tuba, we aim to create a significant shift using artificial intelligence, helping make healthcare management more efficient, equitable, and inclusive.”
The capital will be used to develop Tuba’s technical infrastructure, expand operations to meet growing demand for digital healthcare solutions, and strengthen its team by attracting top talent to support future growth plans.
Mohammed Al-Khalawi, CEO of Al-Waalan Investment, highlighted the strategic rationale behind their investment: “The healthcare sector requires more efficient and flexible solutions, and the Tuba platform has both the vision and the technology needed to drive this transformation. Our investment in Tuba stems from our confidence in the team’s ability to deliver innovative solutions that enhance the efficiency of healthcare spending and create a lasting, positive impact in this vital sector.”
The announcement comes shortly after MedIQ, another player in the space, raised $6 million in Series A funding to grow its presence in Saudi Arabia
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