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United Arab Emirates health tech company Altibbi announced a $44 million Series B funding round led by Foundation Holdings, Hikma Ventures, Global Ventures and DASH Ventures.
The AI-backed health tech company now boasts of $50 million in funding dollars. As part of the deal, Foundation Holdings Senior Advisor Jason Kothari will join Altibbi’s board.
This news comes less than a week after the company announced its partnership with Egypt’s Ministry of Health and Population to work on a blood plasma project.
WHAT IT DOES
The company works specifically in the Middle East region. Its offerings include telehealth services and health resources. Users can access health tips, medical guides, medical news, an encyclopedia of medicines and information about diseases and surgeries.
Altibbi’s website also provides users with a calculator for pregnancy, BMI, calories and vaccines.
WHAT IT’S FOR
The company plans to use the new cash to expand its platform into the online pharmacy and diagnostic collection spaces. In the future, the company also plans to use the money to develop technology to help doctors with precision diagnostic, referral and prescriptions. The funds will also help the company grow its business in Saudi Arabia and Egypt.
“We are thrilled to complete this significant funding round, with the endorsement of leading financial and strategic investors with strong healthcare and technology expertise,” Jalil Allabadi, founder and CEO of Altibbi, said in a statement.
“We are grateful to our new and existing investors, our partners and the brilliant Altibbi family and team for allowing us to forge ahead with our mission. Altibbi is playing a critical role in organizing digital healthcare services, improving quality and convenience for patients, and reducing costs of insurers and governments, even as it expands access across the region.
“Building an end-to-end platform and strengthening our geographic presence have always been strategic priorities.”
THE LARGER TREND
Altibbi was founded in 2011. In 2017, the company raised $6.5 million in a funding round led by Middle East Venture Partners and Dash Ventures.
However, this isn’t the only telehealth service in the region. During the COVID-19 pandemic, the Department of Health-Abu Dhabi released its Remote Healthcare Platform.
In the private sector, fellow UAE startup Health at Hand scored $3.1 million in seed funding in 2017. Additionally, Okadoc, another UAE startup, launched its telemedicine product in 2020.