Healthcare platform Altibbi has raised $44 million ($161.6 million) in Series B funding which it will use to expand the platform’s offering into online pharmacy and diagnostics, it was announced today.
The funding was led by Dubai-based Foundation Holdings and Hikma Ventures with existing investors Global Ventures and Dash Ventures, according to Reuters reports, and was heavily oversubscribed.
Altibbi was launched in Jordan but now has headquarters in Dubai and is the self-described first and largest digital healthcare platform in the Arab world.
In December, it announced its Egyptian launch, with plans to have 2 million consultations in the country by the end of the first quarter of 2022.
The funding will be used to expand growth in the Saudi Arabian and Egyptian markets, the company said in a statement. It will also further the platform’s offering into online pharmacy and diagnostics collection.
According to Altibbi, 400 million people in the Arab world are currently lacking basic healthcare facilities such as access to a doctor or medical information.
The remote healthcare market in the Middle East and North Africa is projected to reach around $2 billion in 2024, it said.
Jason Kothari, senior advisor at Foundation Holdings, will be joining the Altibbi Board.
(Writing by Imogen Lillywhite; editing by Seban Scaria)