Egyptian healthtech startup Vezeeta has closed a $12-million Series C funding round led by Riyadh-based venture capital fund Saudi Technology Ventures (STV).
At least three of Vezeeta’s existing investors — BECO Capital, Vostok New Ventures and Silicon Badia participated in the round. The startup’s initial backers were also joined by Crescent Enterprises’ CE-Ventures.
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Operating from its headquarters in Cairo, Vezeeta has developed one of the Middle East and North Africa’s (MENA) largest healthcare booking platforms and medical practice management software.
It is the second such African platform that has announced funding in the past week. Last Wednesday Morocco’s DabaDoc revealed it had received an undisclosed amount from a Tunisian funder (see this story).
Vezeeta was founded in 2012 by CEO Amir Barsoum
Vezeeta, which was founded in 2012 by CEO Amir Barsoum (pictured above), claims to have managed over 3-million bookings in the MENA region and connected 2.5-million patients to more than 10 000 doctors in Egypt, Saudi Arabia and Jordan.
In a statement today (19 September) the company said the investment will be used to fund Vezeeta’s continued regional expansion — primarily in Saudi Arabia — and for further investments in new products.
Responding to questions from Ventureburn, Barsoum explained that the company is looking to expand its offerings to its Saudi Arabia client base. He would not disclose what these new services will be but said “it won’t be related to bookings”.
Barsoum said Vezeeta currently employs 150 employees in Egypt, Saudi Arabia, Jordan and Lebanon. He however would not disclose how much the company is now valued at following the Series-C round.
We are thrilled to announce our Series C funding round of USD 12 Mn led by STV, the largest VC fund in the region.@STVCapital
— Vezeeta_KSA (@Vezeeta_KSA) September 19, 2018
Barsoum said he was “thrilled” to see STV lead the round and that the company could not have found a “better investment team or strategic partner” to help take it to its next stage in the region.
“We also welcome to our prominent investors profile, CE-Ventures, and we are proud to receive the continuous support from our current investors BECO Capital, Vostok New Ventures and Silicon Badia,” he added.
STV partner Hani Enaya said the VC loves to support high-calibre founders who are transforming major industries.
“Upon meeting Amir and Vezeeta’s management team, it was immediately apparent to us that they are on such a mission. We believe Amir and the Vezeeta team can truly elevate the healthcare experience in the region,” added Enaya.
Last year Vezeeta was involved in a $5-million funding round which is widely thought to be one of the biggest by an Egyptian tech startup, after mobility platform Swvl‘s $8-million Series A round in April.
Crunchbase estimates that prior to this latest investment, Vezeeta raised a total of $10.5-million over three rounds.
Read more: Ahead of the Pharoahs’ Group A match, meet Egyptian healthtech Vezeeta
Featured image: Vezeeta CEO and founder Amir Barsoum (Supplied)
