https://arab.news/6hfty
RIYADH: Saudi health tech startup Clinicy has secured substantial investment in a seven-figure Series A funding round, led by Middle East Venture Partners and structured by Gate Capital.
The exact amount remains undisclosed. However, the deal, with the participation of additional investors, is noted as one of the largest in the history of the Kingdom’s health tech sector, as per the company’s press release.
Established in 2017 by Prince Mohammed Al-Faisal, Abdullah Al-Obaid, and Saud Al-Obaid, Clinicy is a Saudi-based tech startup specializing in digital solutions for medical institution management.
Speaking about the impact of this funding, Al-Faisal said: “Clinicy is already making a real, tangible impact on redefining healthcare in Saudi Arabia, enhancing digital experiences for one million patients across the Kingdom.”
He added that the latest investment “underpins our vision to deepen the quality of engagement with medical institutions and patients, ensuring that our technology makes healthcare more accessible, efficient, and user-friendly.”
The newly acquired capital will be utilized to further Clinicy’s expansion plans across the Saudi market, which is valued at SR7.2 billion ($1.9 billion), according to the press note.
Clinicy’s services aim to address critical issues in the healthcare sector, such as high patient “no-show” rates and administrative inefficiencies, which, the release added, cost over SR3 billion annually.
The company claims that its solutions have led to a 75 percent reduction in missed appointments among its clients.
“Clinicy is proud to support the nation’s digital growth and align with Vision 2030 to improve accessibility to healthcare by prioritizing innovation and financial stability. We are proud to receive the prestigious backing of Middle East Venture Partners, Gate Capital, Kafou Group, and Fadeed Investment, and look forward to accelerating the future of healthcare across the Kingdom and region,” Al-Faisal said.
Walid Mansour, co-CEO at MEVP, commented on the growth of Saudi Arabia’s health tech sector, attributing it to the digitally-savvy population and the continuous improvement of government standards.
Munther Hilal, CEO at Gate Capital, also expressed enthusiasm about Clinicy’s role in driving digital transformation in the industry.
“This investment marks our first foray into the Saudi market, following the recent establishment of our Riyadh offices. We envision numerous opportunities in the Kingdom that we are committed to supporting and nurturing in the years ahead,” Hilal said.