SAUDI ARABIA – Saudi Arabian healthtech startup Clinicy announced the close of a seven-figure million-dollar Series A funding round, led by Middle East Venture Partners (MEVP).
The seven-figure million-dollar Series A funding round comes a few years after Clinicy raised funding from Riyadh-based private equity company Mad’a Investment to fuel its expansion across the Kingdom of Saudi Arabia.
Middle East Venture Partners led the Series A funding round with participation from Gate Capital and existing shareholders Kafou Group and Fadeed Investment.
In a press release, Walid Mansour, Co-Chief Executive at Middle East Venture Partners (MEVP), said: “Clinicy offers a seamless cloud-based platform that enables clinics and medical centers to offer digital services, run a cost-effective business, and continuously improve their healthcare standards.”
Walid Mansour observed that Saudi Arabia is witnessing a rapid adoption of technology in the healthcare industry, which is driven by a digitally savvy population, continually improving standards set by the government, and growing competition between healthcare providers.
Commenting on the new funding round, Chief Executive Officer and Co-Founder Prince Mohammed Bin Abdulrahman Abdullah Al Faisal, welcomed the prestigious backing of Middle East Venture Partners, Gate Capital, Kafou Group, and Fadeed Investment.
“This latest investment underpins our vision to deepen the quality of engagement with medical institutions and patients, ensuring that our technology makes healthcare more accessible, efficient, and user-friendly,” outlined Prince Mohammed.
Prince Mohammed expressed his commitment to accelerating the future of healthcare across the Kingdom of Saudi Arabia and beyond, noting that the new investment comes on the heels of rapid expansion.
“Clinicy is proud to support the nation’s digital growth and align with Vision 2030 to improve accessibility to healthcare by prioritizing innovation and financial stability,” highlighted Prince Mohammed.
Although Clinicy did not disclose the amount raised, the company confirmed that it was one of the largest funding rounds in the healthtech sector in the Kingdom of Saudi Arabia.
“Clinicy is already making a real, tangible impact on redefining healthcare in Saudi Arabia, enhancing digital experiences for one million patients across the Kingdom of Saudi Arabia,” stated Prince Mohammed.
Founded in 2017, Clinicy provides cloud-based integrated technology models to boost efficiency and raise the quality of healthcare services in the country.
Driving digital transformation in healthcare
In particular, the company provides cloud-based software as a service (SaaS) solution for medical institution management in the Kingdom of Saudi Arabia, including patient experience, onboarding, and retention.
The company offers a wide range of services designed to solve complex challenges for healthcare providers such as high patient ‘no-show’ rates and administrative inefficiencies in the medical institution management space.
Notably, the proprietary platform also integrates clinics with regulatory bodies and the broader healthcare ecosystem, ensuring a comprehensive and versatile tool that can improve healthcare delivery for patients.
It is important to note that Clinicy’s growth includes broadening its technological reach and the development of a unique, proprietary ‘Interconnected HealthTech Ecosystem’.
This interconnected healthtech ecosystem is expected to support the rapid evolution of the sector in line with Saudi Arabia’s Vision 2030 goals to transform healthcare efficiency and accessibility.
For his part, Munther Hilal, Chief Executive at Gate Capital, said: “Clinicy is well-positioned to drive the digital transformation in the Kingdom’s HealthTech sector.”
As such, Clinicy intends to use the fresh round of capital to support the company in realizing its vision of ensuring that its technology makes healthcare more accessible, efficient, and user-friendly.
The investment will not only allow the company to scale the number of medical institutions and patients using Clinicy but also further improve the quality and efficiency of Saudi Arabia’s health sector.
“This investment marks our first foray into the Saudi market, following the recent establishment of our Riyadh offices. We envision numerous opportunities in the Kingdom that we are committed to supporting and nurturing in the years ahead,” Munther Hilal added.