DUBAI: Saudi health technology startup Clinicy has closed a seven-figure pre-series A investment round led by private equity firm Mad’a Investment Company, it announced on Sunday.
The startup provides a health management system that takes care of bookings, appointments, and patient management.
It will use the recent investment to integrate its platform with medical institutions in the Kingdom. Actual figures were not disclosed by the company.
“This investment will allow us to scale the number of medical institutions and patients using Clinicy and further support our vital healthcare sector. We are proud that Mad’a Investment Company has confidence in Clinicy’s successful model,” its co-founder and managing director, Talal Waleed Al-Hussein, said.
The integration means the platform will reach more patients, he explained, as health care in the region becomes more influenced by technology.
“As we have all seen over the past year during the pandemic, healthcare is one of the most important sectors for society. We are pleased to invest in a homegrown Saudi startup that provides excellence in digitizing healthcare management and is a first-of-its-kind in the Kingdom,” Mad’a Investment Company chief, Abdullah Abdulaziz Al-Othaim, said.
Clinicy aims to address three challenges in the Kingdom’s health care sector, such as missed appointments, high administrative operating costs, and the lack of patient communication.
It said “no-show” rates cost the country around SR 2.2 billion ($600 million) annually.
Ever since its founding, the startup claims it has already reduced no-show rates by up to 40 percent.