World Bank's IFC to invest in Egypt’s healthtech startup Vezeeta

Cairo — Mubasher: Egyptian healthtech startup Vezeeta announced that it has raised an investment from the International Finance Corporation (IFC), the private-sector lending arm of the World Bank.

It is IFC’s first direct investment in an Egyptian technology firm, Vezeeta said in a statement on its website, giving no further details on its volume.

IFC’s investment is a follow-on to Saudi STV-led $12 million Series C round that the Egyptian e-health startup had raised less than 3 months ago, Vezeeta added.

Established in 2012 by Amir Barsoum, Vezeeta enables patients to search, compare, book and engage with doctors in Egypt, Saudi Arabia, Jordan, and Lebanon, according to the statement.

The digital healthcare platform also provides practice management solutions to providers in hospitals and clinics to manage medical.

Vezeeta enables 2 million appointments per annum, with more than 10,000 healthcare providers subscribed on their platform serving as much as 2.5 million patients across the region, the Cairo-based healthtech startup said.

Commenting on the latest investment, Amir Barsoum, the founder and CEO of Vezeeta said, “IFC is a global power that will not only help fuel our growth but also bridge us to an incredible global network.”

Vezeeta’s chief technology officer (CTO) Adel Khalil said that the startup will push ahead with empowering millions of patients in the region through data and fresh products in healthcare, affirming that patients and healthcare providers are seamlessly integrated and engaged.

“Startups like Vezeeta have the power to drive innovation in the Middle East and Africa. Entrepreneurs across the African continent have enormous creativity and drive—and they’re using the power of new technologies to tackle the region’s most formidable social and economic challenges,” Philippe Le Houérou, IFC’s CEO, commented.

It is worth noting that the World Bank’s private-sector lending arm has invested over $100 million in the last few years in startups, venture funds, and accelerators, across the Middle East and North Africa (MENA) region.

In Egypt, IFC has invested in Flat6Labs and Algebra Ventures.

Mubasher Contribution Time: 10-Dec-2018 13:57 (GMT)
Mubasher Last Update Time: 10-Dec-2018 13:57 (GMT)