"MedIQ, a Pakistani health technology company, bagged a $6 million investment"
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Pakistani health tech startup MedIQ secures a whopping $6 million in Series A funding
MedIQ, a pioneering health tech startup based in Pakistan, has raised a massive $6 million in a Series A funding round, led by Qatar's Rasmal Ventures and Saudi Arabia's Joa Capital. This funding round marks a significant milestone in the Kingdom's health tech sector and will be utilized to fuel MedIQ's exponential growth across a sector worth approximately $2 billion in Saudi Arabia.
In a statement released on a Thursday, the funding round is deemed one of the largest in the history of the Kingdom's health tech sector. The proceeds will be invested in expanding MedIQ's footprint across the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region.
Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique in 2020, MedIQ aspires to become the operating system for healthcare in the MENAP region. The startup previously raised $3.8 million in seed and bridge rounds to build its foundation in Pakistan and has now raised a total of $9.8 million. MedIQ entered the Saudi Arabian market in 2023 and currently employs 180 people across Islamabad and Riyadh.
Yousef AlYousefi, CEO of Joa Capital, expressed his enthusiasm for MedIQ's growth in Saudi Arabia, where it has become the market leader. "We're excited to see MedIQ continue its growth in SA," he said. He added that the firm's growth plans underscore its commitment to creating value for patients and healthcare providers by empowering them with technology, data, accessibility, and affordable solutions in healthcare.
Soumaya Ben Beya Dridje, partner at Rasmal Ventures, shared that MedIQ's ambitious vision to revolutionize healthcare delivery across the Middle East and beyond resonates deeply with them. "Our investment, alongside Joa Capital, reflects our commitment to advancing health tech solutions that redefine traditional healthcare models," she stated. By backing startups like MedIQ, they aim to accelerate digital transformation and strengthen the GCC and regional healthcare ecosystem.
MedIQ's plans for expansion include the digitization of healthcare facilities and insurance companies' back-office operations to deliver a seamless patient-centered experience, thereby improving patient satisfaction. The startup intends to expand to Qatar and neighboring GCC countries in the near future.
The remarkable tale behind MedIQ
MedIQ was birthed from a personal health crisis experienced by Dr. Saira Siddique, who was left paralyzed after a car accident in 2019. The ensuing hospitalization and recovery exposed the fragmented and inaccessible nature of Pakistan's healthcare system. Inspired to revolutionize healthcare delivery, she launched MedIQ with a goal to create a coherent, interconnected, and digitally enabled healthcare ecosystem.
"MedIQ isn't just another health app," she proclaimed. "We're building the backbone of digital healthcare - a scalable infrastructure that improves outcomes and reduces costs. It started with a simple idea: what if healthcare worked like any modern service - connected, convenient, and patient-first?"
Sources:1. Knapp, F. (2021, April 15). MedIQ secures $3.8 million to digitize Pakistan's healthcare system techcrunch.com/2021/04/15/mediq-secures-3-8-million-to-digitize-pakistans-healthcare-system2. Rasmal Ventures and Joa Capital Infuse $6m into MedIQ for Expansion in GCC economictimes.com/tech/investments/rasmal-ventures-and-joa-capital-infuse-6m-into-mediq-for-expansion-in-gcc3. Pakistan's MedIQ secures Series A funding, sets sights on regional expansion middleeasteye.net/business/technology/pakistans-mediq-secures-series-a-funding-sets-sights-regional-expansion
- In 2020, Dr. Saira Siddique, a physician-turned-health economist, founded MedIQ with a vision to create a coherent and digitally enabled healthcare ecosystem, sparked by her personal health crisis in Pakistan.
- The startup has secured a significant $6 million in Series A funding, led by Rasmal Ventures and Joa Capital, marking a historic milestone in the Kingdom's health tech sector.
- This funding will drive the startup's exponential growth across the MENAP region, estimated to be worth approximately $2 billion in Saudi Arabia.
- In 2023, MedIQ entered the Saudi Arabian market and currently employs 180 people across Islamabad and Riyadh.
- The startup aims to digitize healthcare facilities and insurance companies' back-office operations to deliver a seamless patient-centered experience, reducing costs and improving patient satisfaction.
- Expansion plans include forays into Qatar and neighboring GCC countries, leveraging the power of technology, data, and artificial intelligence in healthcare finance and investing.
- Yousef AlYousefi, CEO of Joa Capital, and Soumaya Ben Beya Dridje, partner at Rasmal Ventures, lauded MedIQ's commitment to creating value, digital transformation, and strengthening the regional healthcare ecosystem.
- By 2023, MedIQ aspires to become the operating system for healthcare in the MENAP region, revolutionizing healthcare delivery and making it more accessible, affordable, and efficient for all.
