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Dubai-based angel investor Falcon Network has invested in a pharmacy and healthcare app in Bangladesh.
Arogga, a Dhaka-based start-up, has built a digital pharmacy and healthcare tool that allows patients to easily manage, order and track the delivery of medication and healthcare products in an affordable way.
However, the value of the investment has not been disclosed. Sayd Farook, partner at Falcon Network, told Zawya on email that while he could not reveal the amount, it was in the six figures.
The new deal is Falcon Network’s fourth investment into Bangladesh, and the second in health tech.
“The COVID-19 pandemic has revealed critical challenges in the provision of health services globally. Consequently, the health tech industry is growing at an exponential pace globally, and Arogga is well-placed to be a market leader in Bangladesh, a country projected to reach the top 25 economies by 2034. As a result, we are absolutely delighted to support the growth of Arogga with our investment,” Farook said.
The Falcon Network, which launched in October 2018 on the sidelines of the Global Islamic Economy Summit in Dubai, has invested over $2.5million in technology-enabled ventures that are disrupting critical sectors in their domestic economies, such as education, healthcare, transportation, financial services, and agriculture.
The network, which has more than 50 investors, looks to fund startups between $10,000-$500,000 for equity stakes up to a maximum of 25 percent.
Since 2019, it has funded start-ups like Saaya Health, Teacherly and HubPay among others.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
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