RIYADH: Digital health platform Altibbi has announced raising $44 million in series B fund, led by Foundation Holdings, Hikma Ventures and DASH Ventures, to drive its growth in Saudi Arabia and Egypt.
The company, which plans to use some of the proceeds to expand into online pharmacy and diagnostics for enhancing AI-based health services, said this is the largest single financing round for a regional digital health company.
Altibbi has so far raised more than US$50 million in funds since its founding in 2011 and currently has a diverse shareholder base that includes high-profile investors Endeavor Catalyst, Middle East Venture Partners and Al-Rashed, among others.
“Altibbi is playing a critical role in organizing digital healthcare services, improving quality and convenience for patients, and reducing costs of insurers and governments, even as it expands access across the region,” said Jalil Allabadi, founder & CEO of Altibbi.
He said building an end-to-end platform and strengthening its geographic presence have always been strategic priorities.
The acquired funds will allow the platform to establish fully integrated value-based healthcare offerings in accordance with Saudi Vision 2030 and Egypt’s Ministry of Health and Population.
AI-based Altibbi is one of the region's first and largest health platforms to have over 20 million monthly unique visitors and 3 million yearly consultations.
The current healthcare expenditure in the GCC is projected to reach US$ 104.6 billion in 2022, with the Kingdom’s healthcare sector is anticipated to expand at a CAGR of around 7 percent from 2019-to 2024, the company said in a statement citing GCC Healthcare Industry Report by Alpen Capital.