EGYPT – 30Med, an innovative healthtech startup headquartered in Egypt, has received an undisclosed sum in pre-seed funding from private angel investors to further develop its platform and expand its reach.

The funding will furnish the company with the necessary financial backing to further develop its platform and broaden its footprint in the medical community.

Founded by Ayman Ragab in 2023, 30Med operates primarily as a B2B startup. Its central aim is to seamlessly connect pharmaceutical companies with physicians, offering a platform for interactive videos and conference events that spotlight new medical products and promote continuous education.

As stated on 30Med’s official website, the platform has already amassed a monthly active user base of around 2,000 physicians. These doctors routinely engage with the platform to stay updated with the latest breakthroughs in medical and pharmaceutical advancements.

According to Ragab, this latest financial injection serves as a validation of 30Med’s mission and goal. It bolsters the platform’s capacity to expedite its efforts to revolutionize the sphere of medical education.

30Med’s established collaborations with various pharmaceutical companies within Egypt underscore the company’s commitment to reshaping the landscape of medical education, concluded the official statement.

Egypt has been acknowledged as the leading country in North Africa regarding startup acquisitions over recent years. In the initial ten months of 2023 alone, Egyptian startups reportedly drew investments amounting to roughly US$340 million.

Reports indicate the number of startups in Egypt has surpassed 177 in over 14 sub-sectors as of January 2024, marking a five-fold increase within just five years.

Remarkably, Egypt is home to more than 85 health tech startups, many of which have succeeded in raising funds. For instance, in January 2024, Egyptian healthtech venture, Yodawy, secured US$10 million in investment for expansion. 

Similarly, in October 2023, Almouneer, another Egyptian healthtech startup, raised US$3.6 million with the aim of revolutionizing healthcare for individuals living with obesity and diabetes.

However, a report from healthtech advisory firm Salient Advisory presents a contrasting picture across Africa as a whole. It revealed that in 2023, while startups constituted 91% of healthtech financing, only 47% of them managed to raise equity funding. 

Reflective of the challenging funding landscape, 52% of these startups received grants, and debt funding made up a mere 1% of deals and 2% of the total deal value.

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