Pakistan-based startup MedIQ has raked $6 million in a Series A funding round led by Rasmal Ventures and Joa Capital.
WHAT IT DOES
Founded in 2020, the company offers end-to-end solutions to enable a hybrid digital healthcare ecosystem for businesses (hospitals, insurers, and government agencies). These include EHR, revenue cycle management, telehealth, e-pharmacy, and AI-powered decision support.
Its founder, doctor and entrepreneur Dr Saira Siddique, started the company following her personal experience with Pakistan’s “fragmented and inaccessible” healthcare system. “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare – a scalable infrastructure that improves outcomes and reduces costs,” she said.
WHAT IT’S FOR
In a media release, MedIQ said it will use its fresh funds to expand further in Saudi Arabia, whose health technology market is reportedly worth SR 7.2 billion ($1.9 billion). Its Series A raise is said to be one of the largest in the kingdom’s health sector.
The startup first entered Saudi Arabia in 2023 with a mission to support the kingdom’s Vision 2030 goal of transforming healthcare by providing solutions for the digitalisation of healthcare facilities and back-office operations of insurance companies.
Additionally, the new funds will support its entry into Qatar and neighbouring Gulf states.
This latest raise brings its total investment pooled to $9.8 million to date.
MARKET SNAPSHOT
Another women-founded Pakistani health tech startup, Sehat Kahani, also bagged $2.7 million in Series A funding in late 2023. In 2021, fellow startups in digital health, Ailaaj and Marham, secured seed funding for their respective expansion across Pakistan.
Other companies in health tech across Asia-Pacific have also explored partnerships in Saudi Arabia since the launch of the kingdom’s Vision 2030 program. Beamtree from Australia, for example, have secured deals to supply AI solutions to public and private hospitals in the kingdom. New Zealand-based Orion Health, meanwhile, is building what could be the world’s largest health information exchange system for Saudi Arabia.
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