CheckMe has acquired a majority stake in DoctorOnline. The deal took between the two healthtechs took place through Exits MENA.
CheckMe, a supplier of on-demand medical lab services, has acquired a majority stake in DoctorOnline, a virtual clinic mobile application. The deal took place through Exits MENA, a platform designed to help foster investments in regional startups. All three companies are based in Egypt.
CheckMe and DoctorOnline
CheckMe is a customer-centric marketplace mobile application that provides on-demand medical lab services through multiple lab partners safely, accurately, and quickly. DoctorOnline, founded by Dr Mahmoud Abdel Hakim, is a virtual clinic mobile application that offers various medical services virtually to its patients through access to expert doctors across all medical specialties via video calls.
MENA healthtech valued at USD 1.5 billion
According to Exits MENA, healthtech companies in the MENA region are valued at a combined USD 1.5 billion, a 22X increase since 2016. This surge in value, the company claims, can be attributed to the impact COVID has had on people’s attention to their wellbeing. Regional healthtech has seen growth in telemedicine, r-pharmacy and e-diagnostic, which have rapidly increased since the pandemic.
Dr Nesma El Talawy, CEO of CheckMe, said, “This acquisition falls in line with our expansion strategy in the region and in-line with the expansion of our service offering. According to McKinsey Global Institute, the costs saved by healthtech to the healthcare sector could lie between USD 1.5 trillion and USD 3 trillion a year by 2030, which makes acquisitions like this pivotal in their economic impact in the region”. CheckMe aims to become the region’s leading healthtech super app, helping patients find more convenient, efficient and cheaper channels for medical needs.
Pushing the boundaries
Healthtech continues to challenge how traditional healthcare is being delivered. It has the potential to create breakthroughs in the way healthcare is delivered in the future, according to the two companies. According to Exits MENA, this acquisition marks a significant restructuring and an enhancement of the patient journey and provides patients with a comprehensive medical cycle.
The Exits MENA team stated that the acquisition brings CheckMe’s market value to USD 20 million, and that the deal is the first of many to come in the next period. The team believes that it is their core role to consolidate the market and promote growth in the region to better support startups and SME’s in their investment needs. Exits MENA is already planning key milestones to grow its existing pipeline further and develop the offering on its current beta platform, Exits.me.
Earlier this year, Exits MENA raised USD 1 million in pre-seed funding.