Dubai, UAE | April 4th, 2022 – Altibbi, the Middle East’s largest AI-based digital health platform, announces a $44 million Series B fundraise. The round was led by Foundation Holdings, with participation by leading strategic and financial investors including Hikma Ventures, Global Ventures, and Dash Ventures.
Altibbi is the largest AI-based digital health provider in the Arab world with unrivaled scale and innovation. The Company hosts over two million pages of content and has published six peer-reviewed scientific papers in the last year alone. It has conducted 4.5 million telehealth consultations to date, has 20 million unique visitors a month to its platform, and offers its 24/7 telehealth services across seven regional countries – with over 1,500 active certified doctors on the platform. Altibbi’s AI engine, created by their leading team of data scientists, engineers, and clinicians, also provides a unique capability for a comprehensive patient solution.
The new funds will be used to expand the platform’s offering into online pharmacy and diagnostics collection to establish the regions first end-to-end fully integrated primary care offering, providing high quality, affordable, accessible value-based healthcare. Digital healthcare innovations are key for supporting Saudi Vision 2030 and the Company will also increase its investments in machine learning to further support doctors in providing more precise diagnostics, referrals, and prescriptions.
Awad Capital is acting as the exclusive financial advisor to Altibbi, working jointly with Drake Star, the global technology investment bank. Ziad Awad, CEO of Awad Capital, said: “By leveraging technology, Altibbi is providing quality healthcare to more underserved patients while reducing costs to both patients and insurers. We are proud to be supporting them, in line with our mission to further sustainable growth.”
Lawrence Giesen, Partner with Drake Star added: “It has been an honor to work with Altibbi which is having a vital impact for patients across the Middle East and Africa while building a successful business.”
Jalil Allabadi, Founder & CEO of Altibbi, said: “We are thrilled to complete this significant funding round, with the endorsement of leading financial and strategic investors with strong healthcare and technology expertise. 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.”
Abhishek Sharma, CEO of Foundation Holdings, commented: “Digital Healthcare is witnessing unprecedented growth and we are set to sail into the golden age of healthcare and healthcare technology. Altibbi has already achieved a leadership position in the digital healthcare industry while demonstrating superior unit economics.”
Lana Ghanem, Managing Director of Hikma Ventures, said: “Altibbi is re-engineering healthcare, shifting the focus from sick care to preventative healthcare so that patients experience better health, and reduced costs. We fully believe and support their highly scalable, digital-first platform combined with their quality, virtual clinical operations to provide integrated, personalized healthcare.”
The global digital health market size exceeded $142 billion in 2020 and is estimated to grow at over 17% annually until 2027. The remote healthcare market in the Middle East and North Africa is projected to reach ~$2 billion in 2024. 400 million people in the Arab world lack basic health services, including access to medical information and advice, as over 70% 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.
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The first and largest platform in the Arab region that offers telemedicine consultation services, allowing patients to connect directly with doctors via audio calls and chats.
Stemming from the fact that there are approximately 400 million people in the Arab World lacking access to essential medical services, Altibbi works diligently to circulate medical content in the Arabic Language via the Internet. By providing medical information from trusted sources and remote medical consultation services for all Arabic speakers, Altibbi helps patients access medical information and advice, thus reducing the number of unnecessary doctor visits and lessening the pressure on the healthcare system. Winner of the Schwab Foundation for Social Entrepreneurship Award and the World Summit Award for best digital content in the health and well-being category.
For more information, visit www.altibbi.com.
About Foundation Holdings
Foundation Holdings is a global investment firm focused on building sustainable, industry-defining companies in the GCC and India’s healthcare, education, and consumer sectors. The firm enhances operational value for companies and IPOs in these high-growth sectors through its dynamic team across Dubai, New York, and Mumbai.
Through service quality, growth trajectory, and brand equity, we enhance your position on a global stage via IPOs and partnerships that create lasting value – with the interests of all stakeholders at the top of our agenda. By leveraging management’s extensive track record of operational value creation and IPOs in robust and exponential growth sectors that are aligned with national strategy, Foundation Holdings is able to elevate your business’ sustainability.
About Drake Star
Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2013. Drake Star team of over 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Geneva, Dubai*, and Singapore* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility & Sustainability, Software/SaaS, Digital Services, and Industrial Tech sectors.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160) which is authorized and regulated by the Financial Conduct Authority. © 2016 Drake Star Partners Limited.