EGYPT – Egypt-based healthcare digital transformation platform Almouneer has scooped up US$3.6 million in a seed funding round led by Global Ventures, an international venture capital firm headquartered in the emirate of Dubai.
Global Ventures led the seed funding round with participation from major investors, including Proparco and Digital Africa through the Bridge Fund (FRA) and Wrightwood Investments (UK) – and other international funds.
In a joint press release, Co-Founder and Chief Executive Officer of Almouneer, Noha Khater, said: “This round will catapult us into the next phase of our business, helping us grow our team and talent further, invest in our technology and broaden DRU’s provider network.”
Noha Khater expressed her appreciation for the unwavering support of key investors while expressing the importance of their belief in Almouneer and its mission.
Almouneer is one of the leading digital transformation platforms revolutionizing healthcare for patients and doctors across the Middle East and Africa (MEA).
The new round of investment will help Almouneer accelerate the development of its DRU innovation as well as bolster business growth in the MEA region.
Almouneer’s DRU aids prevention and management of diabetes, pre-diabetes, and obesity. With the latest capital injection, DRU will serve millions in Egypt and across the MEA region.
Commenting on Almouneer’s latest fundraising round, Noha Khater divulged: “The newly-acquired funds will be primarily used to develop and expand the digital diabetes management platform, DRU.”
According to Almouneer, the proceeds will primarily support the development and expansion of DRU – MEA’s first patient-centric, digitally-enabled lifestyle and diabetes management platform.
Almouneer’s patient-centric platform
It is important to note that Almouneer’s DRU scalable platform uses cutting-edge patient and doctor-facing applications, and an extensive provider network.
The fresh funds will be used to enhance DRU’s state-of-the-art technology to the next level and grow its wider provider ecosystem comprising doctors, health coaches, labs, and nutritionists to mention a few.
The DRU is already connected to Continuous Glucose Monitoring and other glucometers, and it will soon be able to connect to various wearables such as smartwatches.
The latest financing round follows rapid growth for Almouneer as it serves over 120,000 patients, with growing business volumes in the past year.
Welcoming Almouneer to the Global Ventures portfolio, Noor Sweid, Founder and Managing Partner of Global Ventures, said: “We are excited to work alongside the company’s entrepreneurs as they leverage their specialized expertise across business-building and chronic care to tackle a prevalent health issue across the Middle East and Africa.”
Over the years, Global Ventures has worked with a stellar group of healthcare entrepreneurs who are materially improving the lives of patients worldwide, enhancing access, quality, and cost of care.
On the latest investment, Noor Sweid stated that on its mission to become the lifelong companion of diabetic patients in the MEA region, Almouneer is a unique and necessary innovation.
Indisputably, the latest financing round not only validates the rapid growth of the company but also strongly validates Almouneer’s key asset, DRU.
Business targets for 2024
This fundraise reaffirms its robust position in the market and underscores the collective commitment of various stakeholders to transform healthcare in the MEA region.
With ambitious plans and a clear vision, Almouneer is on the cusp of setting new benchmarks in the healthcare industry.
In the first quarter of Fiscal Year 2024, Almouneer is expected to launch its DRU app for doctors – connecting healthcare providers with millions of patients.
The company is also set to expand regionally and internationally, with a special focus on market entries to the Kingdom of Saudi Arabia, the UAE, and different African countries including Nigeria and Kenya.
In addition to global expansion strategies and product development, Almouneer will use part of the fresh funds to build MEA’s first online, patient-customized treatment plans
The MEA region has very high levels of obesity and prediabetes – affecting over 40% of its population. Hence, Almouneer and DRU’s mission to empower patients and healthcare professionals will play a critical role in addressing this healthcare challenge.
In his address, Fabrice Perez, Head of the Venture Capital Division at Proparco, outlined: “Almouneer is dedicated to fostering innovation and industry disruption through its array of digital services for patients and clinic networks. This objective strongly aligns with the goals of both Proparco and Digital Africa.”
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