Startups
MENA’s Most-Funded Healthtech Startups
1. GluCare Health
GluCare Health
Total funding: $20 million Hybrid digital therapeutics company Founders: Ali Hashemi, Ihsan Almarzooqi Investors: Polymath Ventures Headquarters: U.A.E. Established in: 2020 GluCare offers both in-clinic and virtual care for diabetic patients, using a remote continuous data-monitoring platform and AI. Through the company’s app, patients can connect with a coach or a care team who can remotely monitor glucose, insulin dosages, sleep patterns, diet intake, actigraphy, heart rate variability, and other parameters in real-time. GluCare’s cofounder and managing director Ihsan Almarzooqi is also the chairman of Berkshire Hathaway Homeservices Gulf Properties, while cofounder Ali Hashemi was previously the founder of Amana Healthcare, which was acquired by Mubadala Healthcare in 2019.
2. selfologi Total funding: $17.5 million Cosmetic treatment digital platform Founders: Tamer Wali Investors: Tamer Wali, Xenel International Group Headquarters: U.A.E. Established in: 2021 Launched Q3 2021, selfologi is a digital platform where consumers can discover, learn F O R B E S M I D D L E E A S T.C O M
pharmacies and owned dispensaries dedicated to serving chronic patients for monthly refills. They are also integrated with the majority of insurance companies in Egypt to automate the processing of claims and prescriptions. Yodawy has processed more than 2.5 million orders since its inception.
4. Aumet about, and book cosmetic treatments. It launched a booking feature in early 2022, where consumers have access to user-generated ratings and reviews to compare clinics and practitioners. With 38 employees, the startup operates in the U.A.E. and Saudi Arabia. Tamer Wali is the founder of selfologi and also the partner and CEO of Imdad, a distributor of energy-based aesthetic medical devices.
3. Okadoc Total funding: $15.6 million Patient engagement platform Founders: Fodhil Benturquia Investors: Ithmar Capital, Bupa Arabia, ADQ Headquarters: U.A.E. Established in: 2018 Okadoc offers instant consultation booking, virtual appointments, online payments, and document sharing in the U.A.E., Saudi Arabia, and Indonesia.
Bupa, Daman, Mediclinic, Emirates Hospital, and Dubai Healthcare City are among the healthcare groups and insurers using Okadoc’s services. In April 2021, Okadoc received approval by the Dubai Health Authority to be one of the first telehealth licensed platforms in the U.A.E. Before founding Okadoc, founder and CEO Fodhil Benturquia was the group CEO of Noon.com.
4. Yodawy Total funding: $8.5 million Health and wellbeing platform Founders: Karim Khashaba, Yasser AbdelGawad, Sherief El-Feky Investors: Global Ventures, MEVP, Algebra Ventures, CVentures, P1 Ventures, Athaal Angel Investors Group, amongst others. Headquarters: Egypt Established in: 2018 Yodawy is a virtual pharmacy chain facilitating patients’ access to medication via a marketplace of 3,000
Total funding: $8.5 million B2B healthcare marketplace Founders: Yahya Aqel, Shahed Altawafsheh Investors: 500 Startups, Right side capital, TechStars, Shorooq Partners, Plug and Play Headquarters: Jordan, Saudi Arabia Established in: 2020 Aumet is a B2B healthcare marketplace that allows healthcare providers such as pharmacies, dental, labs, and hospitals to purchase their demands from suppliers. With operations in the U.A.E., Saudi Arabia, Jordan, Egypt, and Turkey, the startup has 120 employees and offices in Paris, Riyadh, Jeddah, Abu Dhabi, Dubai, Istanbul, Jordan, and Egypt. Aumet’s cofounder, Yahya Aqel is a serial entrepreneur. He has established four startups, all of them in healthtech, including OnEx and Aqel Universal Medical Equipment and Tools, which was acquired by Chinese medical manufacturer, Well Lead Medical, in 2014. APRIL 2022
BY NERMEEN ABBAS; IMAGE FROM SOURCE
LEADERBOARD
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Entrepreneurs in MENA are increasingly digitizing healthcare services, and investors’ appetite is also growing. Here are five of the region’s most-funded healthtech startups, which have raised over $70 million in total funding to date. We have only included startups no more than seven years old. We excluded startups that were acquired, merged, or have gone public. Cut off for disclosed funding was March 16, 2022.
