Altibbi raises $6.5m to enhance digital health offering for Arab world
Altibbi Ltd., the Middle East’s largest digital health platform, has announced a new round of funding amounting to $6.5 million. The round was co-led by Middle East Venture Partners (MEVP) and DASH Ventures with the participation of new strategic investors TAMM, RIMCO Investments, Endeavor’s Catalyst Fund and other undisclosed investors.
“The raise signals confidence in Altibbi’s ability to enhance medicine in a region where governments spend an average of only 8 percent of their budgets on health care compared to an average of 17 percent spent by OECD countries,” Altibbi said in a statement.
The proceeds of the latest round will primarily be used to expand Altibbi’s digital health offering for businesses and consumers in MENA.
On the content side, Altibbi intends to grow its presence and further expand its Arabic medical content library of 1.5 million pages. Furthermore, Altibbi will build on its free Q&A platform that currently answers 1,000 daily questions through its directory of 12,000 Arab doctors.
On the tele-health side, Altibbi aims to expand its offering on its premium health plans to the Arab world: real-time, round-the-clock tele-health services and unlimited access to high quality primary care local doctors. Altibbi will further invest in developing integrated industry-specific solutions for businesses in MENA.
Ayman Sharaiha, co-founder and COO at Altibbi, said: “The funding is fully dedicated to further growing the company, which has established an exceptional track record as a premier provider of trusted health and wellness information in the region serving over six million people every month. We believe there is a true opportunity to further build Altibbi’s portfolio of telehealth solutions for the benefit of companies and consumers in the region.”
Jalil Allabadi, founder and CEO at Altibbi, said: “The rapid growth of our company over the past years has clearly illustrated the evergrowing demand for innovative health solutions in our region, and we are delighted to witness firsthand how our products are solving real problems.”
Walid Mansour, partner and chief investment officer at MEVP, said: “Altibbi is the undisputed leader in providing access to doctors on-demand as well as having a vast and expanding content library ... We also welcome our new partners TAMM Invest, Rimco and Endeavor as strategic and valuable co-investors.”