Vezeeta, an Egypt-based health-tech firm, has raised funds from Gulf Capital and VNV Global to expand into new markets search for acquisitions.
Vezeeta, a health-tech innovation firm targeting emerging markets that serves 10 million patients in the MEA region, has announced the raising of new funds from long term partners Abu Dhabi-based Gulf Capital and Sweden’s VNV Global. The funds will be used to expand into new products and seek acquisitions.
Vezeeta: Improving the efficiency of healthcare
Originally the creators of a doctor consultation booking solution, Vezeeta has expanded and now offers a range of services to patients, including a ‘Doctor’s Subscription Model’. The SaaS-based approach offers a range of tools and digital healthcare solutions to over 35,000 doctors, with Egypt a leading market, according to the company. The software bundles offer costs for cutting-edge solutions, making digitization of the healthcare landscape more efficient. Vezeeta also offers technology solutions that seek to reimagine the contemporary clinical experience. The platform is being trailed in 20 outposts in Egypt and seeks to improve efficiencies for medical doctors and clinical partners by increasing throughput and productivity.
The company’s Pharmacy Solution attempts to improve the pharmacy experience for customers by offering a 60-minute delivery service across Egypt’s key cities. According to the company, the service has grown by 500% in medication orders since its launch and serves patients in Cairo, Giza, and Alexandria while offering e-prescription integration and geo-location tracking. In addition, Vezeeta also offers a two-lab sample collection.
Growth through digital
“It took seven years for our healthcare marketplace to acquire the trust of 5 million patients. In contrast, our digital provider vertical, including online pharmacy and digitally-managed clinics, has achieved the same mark in less than two years. This remarkable performance is a testament to the effort and commitment of our talent, our partners from doctors, clinics, pharmacies and labs, and definitely, our shareholders and investors, without which this feat would not be possible,” said Amir Barsoum, Founder and CEO at Vezeeta. “Today, I am particularly thankful to Gulf Capital and VNV Global for their support and investment, which allows us to embark on a new journey of growth, to scale our innovation to more people in the MEA region,” he added.
“Since the beginning of our relationship with Vezeeta, we shared a common vision of improving healthcare access and efficiency in our region through health-tech innovation. We are very proud of the progress that Amir Barsoum and the Vezeeta team have achieved, by continuously reinventing the future of healthcare and achieving profitability in 2022. With over 10 million patients across 80 cities, Vezeeta today is firmly positioned as the largest health-tech platform in the Middle East and Africa. Egypt remains a key market for us and we recently opened our regional offices in Cairo with the aim of continuing to back successful growth stories similar to Vezeeta,” said Alvaro Abella, Managing Director, Private Equity at Gulf Capital.
The latest round of funding will be used to speed up the roll out Vezeeta’s new products and to target areas of growth, including potential M&As across the MEA region.
Despite levels of funding slowing in recent months, Egypt remains one of Africa’s leading tech-related startup hubs.