Vezeeta, Egyptian Healthtech Secures Undisclosed Funding for Growth

In order to support its expansion goals and upcoming M&A acquisitions in MEA, Egypt-based health tech company Vezeeta, the leader in health-tech innovation in emerging countries, has raised new money.

This finance was made possible by long-term partners and investors.

Vezeeta is a healthcare app that patients may use to schedule doctor visits, obtain prescription prescriptions online, and request at-home lab sample collection. It was founded in 2012 by Ahmed Badr and Amir Barsoum. In February 2020, Vezeeta raised a $40 million Series D funding round.

“From the start of our partnership with Vezeeta, we had a similar vision for how health-tech innovation could increase healthcare access and effectiveness in our area. We are extremely proud of the advancements made by Amir Barsoum and the Vezeeta team in reimagining healthcare and achieving profitability by 2022. Vezeeta is currently firmly established as the largest health-tech platform in the Middle East and Africa, serving over 10 million patients across 80 cities. In order to continue supporting great development stories like Vezeeta, we just opened our regional offices in Cairo. This was said by Alvaro Abella, Managing Director, Private Equity at Gulf Capital.

After reaching profitability, Vezeeta received more investment, which it plans to use to accelerate organic growth while also funding acquisitions and expansions in the Middle East and Africa.

In order to keep up with the constantly changing demands of the patients it serves, Vezeeta’s digital healthcare platform has undergone constant change over the past ten years. The platform’s original doctor consultation booking solution advanced into a single point of care for digital outpatient services through dynamic and ambitious product and business diversifications, creating value for its patients, its healthcare providers, and the healthcare ecosystem at large.

“It took our healthcare industry seven years to win the trust of 5 million patients. In contrast, our digital provider sector, including online pharmacy and digitally-managed clinics, has attained the same milestone in less than two years. According to Amir Barsoum, founder and CEO of Vezeeta, “This exceptional result is a credit to the effort and commitment of our people, our partners from doctors, clinics, pharmacies, and labs, and without a doubt, our shareholders and investors, without whom this feat would not be possible. He continued, “Today, I am very grateful to Gulf Capital and VNV Global for their support and investment, which allows us to go on a new road of growth and spread our innovation to more people in the MEA area.

“Over the years, we have seen how Vezeeta has developed into a market leader with its best-in-class product and distinctive business strategy, all the while creating value for its patients and stakeholders. The time is now for Vezeeta to rapidly extend its unique solutions at scale while proactively addressing the day-to-day difficulties encountered by millions given the advent of digitalization in all facets of MEA’s healthcare landscape. Björn von Sivers, Investment Manager at VNV Global, said, “We’re thrilled to join with Vezeeta’s exceptional team to assist the next stage in their mission to revolutionize the future of healthcare.

In order to continue the momentum of expansion and to achieve profitability, Vezeeta implemented several critical growth drivers to adjust to the changes in the healthcare landscape brought about by the pandemic, including:

Vezeeta’s first big step toward a subscription-based SaaS model, which provides an expanded portfolio of digital healthcare solutions to over 35,000 doctors, was the introduction of the “Doctor’s Subscription Model.” These packages provide reduced prices for innovative solutions, accelerating and streamlining the digitization of the healthcare industry.

By providing 60-minute home delivery in all major cities, Vezeeta’s Pharmacy Solution improved the pharmacy experience for customers in Egypt. Today, the solution has expanded across Cairo, Giza, and Alexandria, seen a 5X increase in medicine orders, and is now providing e-prescription integration and geo-location monitoring.

With its many digital solutions, Vezeeta is rethinking the contemporary healthcare experience for patients. These solutions are now being tested in 20 locations in Egypt. The platform is already observing greater production and throughput at the locations, as well as better efficiencies for its clinical partners and medical practitioners.

In order to provide customers with simple healthcare convenience, Vezeeta further expanded its already robust healthcare solutions across Cairo and Giza with the two-hour lab sample collection option.

The increasing profitability of Vezeeta and this most recent round of funding will enable the company to accelerate the release of its product roadmap and to focus on new growth markets, such as M&A across MEA. This development highlights the platform’s dedication to providing the greatest health-tech solutions for patients and providers while positively influencing the landscape of healthcare.