Saudi Healthtech Clinicy Closes Undisclosed Series A Funding
The round was led by Middle East Venture Partners (MEVP), structured by Gate Capital.
Saudi HealthTech Trailblazer Clinicy has successfully secured a seven-figure USD investment in a Series A funding round, as per an emailed press release.
The round was led by Middle East Venture Partners (MEVP), structured by Gate Capital, and saw the continued support of existing shareholders, including Kafou Group and Fadeed Investment.
The fresh investment is set to propel Clinicy into a new phase of growth, targeting a market sector estimated at a staggering SAR 7.2 billion ($1.92 billion) in Saudi Arabia alone.
In addition, the funds will be utilized to facilitate Clinicy's expansion plans, including the augmentation of its technological capabilities and the development of an innovative, proprietary 'Interconnected HealthTech Ecosystem.'
Founded in 2017 by Prince Mohammed Bin Abdulrahman Abdullah Al Faisal, Abdullah bin Sulaiman Alobaid, and Saud bin Sulaiman Alobaid, Clinicy has introduced the first-of-its-kind cloud-based Software as a Service (SaaS) for medical institution management in Saudi Arabia.
Clinicy's platform directly addresses pressing issues within the healthcare system, such as high patient 'no-show' rates and administrative inefficiencies, which collectively cost the Saudi healthcare industry over SAR 3 billion ($800 million) annually.
In 2021, Clinicy wrapped up a seven-figure pre-series A round from Riyadh-headquartered private equity firm Mad’a Investment Company.[1]