Saudi HealthTech Startup Clinicy Secures Major ‘Series A’ Funding and Celebrates One Million Patients Served
- Funding round led by Middle East Venture Partners (MEVP) and joined by Gate Capital and existing shareholders Kafou Group and Fadeed Investment
- Firm targeting strategic expansion and digitization across the region
Riyadh, KSA – 8 January, 2024: Saudi Arabia’s pioneering healthcare technology start-up, Clinicy, has successfully raised a significant seven-figure (USD) Series A funding round, led by Middle East Venture Partners (MEVP), structured by Gate Capital and with participation from existing shareholders including Kafou Group and Fadeed Investment.
The funding round is one of the largest in the history of the Kingdom’s healthtech sector and will be used to fuel Clinicy’s expansion across a market sector worth SAR 7.2 billion in Saudi Arabia alone. Clinicy’s growth includes broadening its technological reach and the development of a unique, proprietary ‘Interconnected HealthTech Ecosystem’, which will support the rapid evolution of the sector in line with Vision 2030’s goals to transform healthcare efficiency and accessibility.
Prince Mohammed Bin Abdulrahman Abdullah Al Faisal, CEO and Co-Founder of Clinicy, highlighted the investment’s impact: “Clinicy is already making a real, tangible impact on redefining healthcare in Saudi Arabia, enhancing digital experiences for one million patients across the Kingdom. This latest investment will fuel expansion and it 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. 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. We are proud to receive the prestigious backing of Middle East Venture Partners, Gate Capital, Kafou Group and Fadeed Investment, and look forward to accelerating the future of healthcare across the Kingdom and region.”
Walid Mansour, Co-Chief Executive at Middle East Venture Partners (MEVP), commented: “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. 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.”
Munther Hilal, Chief Executive at Gate Capital, added: “Clinicy is well-positioned to drive the digital transformation in the Kingdom’s HealthTech 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.”
Clinicy was founded by Prince Mohammed Bin Abdulrahman Abdullah Al Faisal, Abdullah bin Sulaiman Alobaid and Saud bin Sulaiman Alobaid, bringing the first innovative cloud-based SaaS for medical institution management to the Kingdom. Clinicy’s solutions offer customized patient experience platforms, automating critical processes such as patient onboarding and retention. It directly addresses prevalent issues such as high patient ‘no-show’ rates and administrative inefficiencies, which cost the Saudi healthcare industry over SAR 3 billion annually. On average, medical institutions using Clinicy have reduced the rate of missed appointments by 75%. The proprietary platform also integrates clinics with regulatory bodies and the broader healthcare ecosystem, ensuring a comprehensive and versatile tool which can improve healthcare delivery for patients.
For more information about Clinicy, please visit www.clinicy.com.sa
Clinicy is a pioneering Saudi Arabia-headquartered healthtech startup. Addressing key challenges in the Saudi healthcare sector, Clinicy is tapping into a significant SAR 7.2 billion market with its B2B SaaS model serving clinics and a B2C model facilitating residents in booking appointments and ancillary services. Clinicy's impactful strategy has notably reduced patient no-show rates by 75%, cut down administrative costs, and is preparing medical institutions to comply with the upcoming regulatory standards, including Full HIS & revenue cycle management software, e-invoicing, EMR management, and insurance integration. These efforts have culminated in Clinicy serving over 1 million patients and efficiently managing over 700,000 appointments, marking significant milestones in its journey of healthcare innovation.
Clinicy is on a mission to modernize the healthcare experience for both medical professionals and patients, reinforcing its dedication to continual growth and betterment of healthcare in line with Saudi Arabia's Vision 2030.
MEVP is one of the pioneer venture capital firms in the MENA region and currently manages four regional technology-focused venture capital funds with more than USD300 million in assets under management and USD 1.6 Billions in co-investments. To date, MEVP’s team, comprising 21 investment professionals, have invested in more than 60 portfolio companies across MENA, Sub-Saharan Africa, Pakistan, and Turkey.