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AI-powered healthcare platform Altibbi raises $44M in Series B funding to drive growth in Saudi Arabia and Egypt

RIYADH: Digital health platform Altibbi announced that it has raised $44 million in a 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 to improve AI-based healthcare services, said it was the biggest round of one-time financing for a regional digital health company.

Altibbi has so far raised over $50 million in funds since its inception in 2011 and currently has a diverse shareholder base that includes top investors Endeavor Catalyst, Middle East Venture Partners and Al-Rashed, among others. .

“Altibbi is playing a critical role in organizing digital health services, improving quality and convenience for patients, and reducing costs for insurers and governments, while expanding access across the region. said Jalil Allabadi, founder and 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 enable the platform to establish fully integrated, value-based healthcare offerings in line with Saudi Vision 2030 and the Egyptian Ministry of Health and Population.

The AI-powered Altibbi is one of the first and largest health platforms in the region to have over 20 million monthly unique visitors and 3 million annual consultations.

Current healthcare spending in the GCC is expected to reach US$104.6 billion in 2022, with the Kingdom’s healthcare sector expected to grow at a CAGR of around 7% from 2019 to 2024, the company said in a statement. citing GCC Healthcare Industry. Alpen Capital report.

RIYADH: Digital health platform Altibbi announced that it has raised $44 million in a 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 to improve AI-based healthcare services, said it was the biggest round of one-time financing for a regional digital health company.

Altibbi has so far raised over $50 million in funds since its inception in 2011 and currently has a diverse shareholder base that includes top investors Endeavor Catalyst, Middle East Venture Partners and Al-Rashed, among others. .

“Altibbi is playing a critical role in organizing digital health services, improving quality and convenience for patients, and reducing costs for insurers and governments, while expanding access across the region. said Jalil Allabadi, founder and 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 enable the platform to establish fully integrated, value-based healthcare offerings in line with Saudi Vision 2030 and the Egyptian Ministry of Health and Population.

The AI-powered Altibbi is one of the first and largest health platforms in the region to have over 20 million monthly unique visitors and 3 million annual consultations.

Current healthcare spending in the GCC is expected to reach US$104.6 billion in 2022, with the Kingdom’s healthcare sector expected to grow at a CAGR of around 7% from 2019 to 2024, the company said in a statement. citing GCC Healthcare Industry. Alpen Capital report.

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