Middle East’s largest AI-based telehealth platform Altibbi announced a $44 million Series B fundraise – the largest single financing round for a regional digital health company.
The round brings together a number of strategic and financial investors and was led by Foundation Holdings, Hikma Ventures and existing investors Global Ventures and DASH Ventures.
Raising more than $50m in funds since its founding in 2011, Altibbi’s diverse shareholder base also includes high-profile investors Endeavor Catalyst, Middle East Venture Partners and Al Rashed, among others. Jason Kothari, Senior Advisor at Foundation Holdings and an experienced business leader, will be joining the Altibbi Board on behalf of Foundation.
“Altibbi is playing a critical role in organising 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,” said Jalil Allabadi, founder and CEO of Altibbi.
The global digital health market size exceeded $142 billion in 2020 and is estimated to grow at over 17 percent annually until 2027. In the MENA region, the remote healthcare market is projected to reach an estimated $2bn in 2024.
Altibbi is the largest AI-based digital health provider in the Arab world, having conducted 4.5 million telehealth consultations to date, witnessing 20 million unique visitors a month to its platform, and offering its 24/7 telehealth services across seven regional countries with over 1,500 active certified doctors on the platform. Altibbi’s AI engine also provides a unique capability for a comprehensive patient solution.
“Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC,” said Abhishek Sharma, CEO of Foundation Holdings.
Four hundred million people in the Arab world lack basic health services, including access to medical information and advice, as over 70 percent of doctors’ visits are unnecessary and add to the burden on the health system. Additionally, chronic conditions are an increasing burden to affordability of healthcare across the globe.
The new funds will be used to cultivate the platform’s offering into online pharmacy and diagnostics collection to establish the regions first end-to-end fully integrated primary care offering, as well as to expand its footprint in the Saudi and Egyptian markets, the company said in a statement.
“Altibbi is re-engineering healthcare, shifting the focus from sick care to preventative healthcare so that patients experience better health, and reduced costs…an integrated digital platform is no longer a nice to have in healthcare but is an essential tool to deliver a more efficient model of care,” said Lana Ghanem, managing director at Hikma Ventures.
