The Saudi Arabian healthtech startup Clinicy has successfully completed a Series A funding round, securing a multi-million dollar investment. This financial boost is poised to propel the company’s growth initiatives within the burgeoning Saudi healthcare market.
Leading the investment charge was Middle East Venture Partners (MEVP), a notable presence in venture capital within the region. Other participants in the funding round included established backers such as Kafou Group and Fadeed Investment, while the arrangement of the deal was orchestrated by Gate Capital.
This influx of capital represents a significant milestone for the healthtech sector in Saudi Arabia and will be allocated towards Clinicy’s strategic expansion efforts. The company is setting sights on increasing its footprint in the Saudi market, which is currently valued at SAR 7.20 billion, and enhancing its proprietary Interconnected HealthTech Ecosystem. This development is in line with the Kingdom’s Vision 2030, which aims to elevate healthcare efficiency and accessibility.
Mohammed Abdullah Al Faisal, CEO and Co-Founder of Clinicy, expressed his enthusiasm for the investment: “This latest investment will fuel expansion and it 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.”
Al Faisal also acknowledged the support of the investors: “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.”
Walid Mansour, Co-Chief Executive at MEVP, commented on the potential of Clinicy’s offerings: “Clinicy offers a seamless cloud-based platform that enables clinics and medical centers to offer digital services, run a cost-effective business, and continuously improve their healthcare standards.”
Munther Hilal, Chief Executive at Gate Capital, shared insights on the investment’s significance: “This investment marks our first foray into the Saudi market, following the recent establishment of our Riyadh offices.”
Hilal added, “We envision numerous opportunities in the Kingdom that we are committed to supporting and nurturing in the years ahead.”
Since its inception in 2017, Clinicy has been a trailblazer in cloud-based SaaS solutions for the management of medical institutions in Saudi Arabia. The platform boasts customized patient experience enhancements and automates crucial operational processes, tackling challenges like missed appointments and administrative inefficiencies.
Through the use of Clinicy’s solutions, medical institutions have seen an average reduction in missed appointment rates by 75%, while also achieving seamless integration with regulatory frameworks and the broader healthcare ecosystem.