Vezeeta, the leading doctor booking platform of the Middle East & North Africa has raised $40 million in a Series D round, the startup announced in a statement to MENAbytes. The round was led by Abu-Dhabi based Gulf Capital which according to the statement is the Middle East’s largest and most active alternative asset management firm. Saudi Technology Ventures (STV) also joined the round. They had previously led Vezeeta’s $12 million Series C. The latest round takes the total capital raised so far by Vezeeta to $63 million.
The startup that recently moved its headquarters from Cairo to Dubai declined to share its valuation but its CEO Amir Barsoum in a recent interview had confirmed that it’s well above $100 million which is a big jump from the $32 million-valuation that it’s Series C had come at.
Vezeeta that currently operates in 50 cities across Egypt, Saudi Arabia, Jordan, and Lebanon claims to generate 4 million annual appointments which it says are tripling year over year. They plan to use the money to support their growth plans which include rolling out the new digital capabilities of ePharmacy and telehealth across its existing footprint and new markets. Vezeeta did not confirm which markets it is looking to expand into but MENAbytes has learned recently the startup is eying Nigeria and Kenya for potential expansion.
Amir Barsoum, Founder and CEO of Vezeeta, 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.”
“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,” he added.
Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said, “We were impressed with the work that Amir and his team were doing and are excited to be working with Vezeeta on its next phase of growth. We believe that, with the right financial and operational support provided by the exceptional set of investors around the table, Amir and his team can scale up Vezeeta rapidly and position the Company as the undisputed leader in the healthcare technology sector in the region. ”
Alvaro Abella, Director at Gulf Capital, who will be joining the Board, added, “Vezeeta is leading the digitization of the health care sector in our region, making it easier to book and confirm doctor appointments in real-time. We look forward to working closely with Vezeeta and to supporting the management’s growth plans with the aim of continued digitization of other parts of the health care value chain.”
Ahmad AlNaimi, Sr. Principal at STV, said, “We truly subscribe to the mission of improving healthcare using technology. The progress the company has achieved since our investment, especially in Saudi, is incredible. We are thrilled to double down on our position and to welcome Gulf Capital to the table. The next chapter for Vezeeta holds an even bigger opportunity, and we’re excited to see Vezeeta continue its growth in Saudi where it has become the undisputed market leader and to tackle vertical healthcare opportunities head-on.”