Pakistan’s MedIQ raises $6 million Collection A to additional broaden its ‘healthcare working system’ in Saudi 

MedIQ, a Pakistani healthtech startup, has secured $6 million in Collection A funding to speed up its growth throughout the Center East, with a main give attention to Saudi Arabia, the corporate introduced at this time. The spherical was led by Qatar’s Rasmal Ventures and Saudi Arabia’s Joa Capital, with participation from current traders.

Based in 2020 by physician-turned-health economist Dr. Saira Siddique, MedIQ expanded to Saudi Arabia in 2023 and goals to change into the “working system” for healthcare within the MENA area. The corporate presents a set of digital healthcare options together with claims administration, coverage administration, utilization administration, and community administration companies.

MedIQ’s expertise platform connects sufferers, suppliers, and payers by a digitally-enabled, cashless healthcare ecosystem powered by their third-party administrator (TPA) companies. Their choices embrace cashless outpatient and inpatient administration options, AI-based claims verification, company wellness packages, and customised well being and life insurance policy.

“Individuals don’t simply undergo from sicknesses, they undergo from the system,” mentioned Dr. Saira Siddique. “MedIQ isn’t simply one other well being app. We’re constructing the spine of digital healthcare, a scalable infrastructure that improves outcomes and reduces prices.”

The funding, which brings MedIQ’s whole raised capital to $9.8 million, will likely be used to additional broaden its proprietary B2B and B2B2C
“Digitally Built-in hybrid healthcare Ecosystem” in Saudi Arabia, a market sector price $1.92 billion (SAR 7.2 billion). Following the Saudi growth, the corporate plans to enter Qatar and different neighboring GCC international locations.

The healthtech startup has established a big presence in Pakistan, serving over 10 million clients and reaching EBITDA positivity earlier than its growth to Saudi Arabia, it claimed in a press release. MedIQ at the moment employs 180 individuals throughout its workplaces in Islamabad and Riyadh.

Yousef Alyousefi, CEO of Joa Capital, mentioned, “We actually subscribe to the mission of enhancing healthcare utilizing expertise. The progress MedIQ has achieved since our funding, particularly in Saudi Arabia, is unbelievable. We’re thrilled to double down on our place.”

MedIQ’s digital ecosystem contains on-line physician consultations, lab and diagnostic companies, hospital visits, digital medical data, and declare submission capabilities. The corporate has constructed a healthcare community that features 1000’s of service suppliers providing cashless companies throughout greater than 50 cities.

Put up Views: 14