Vezeeta, a digital platform for healthcare, has successfully completed its Series E investment round, increasing the total amount of money it has raised to around $90 million.
Two years ago, Vezeeta secured $40 million in a Series D investment round, bringing the company’s total funding to over $63 million. The additional capital, the amount of which has not been revealed, was headed by Gulf Capital, located in Abu Dhabi, and VNV Global, based in Sweden.
According to a statement released by the firm, the newly raised funds would be used to assist fund “imminent mergers and acquisitions agreements across MEA (the Middle East and Africa)” as part of the company’s expansion objectives.
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Why The Investors Invested
The business claims that it has arrived at the milestone of becoming profitable, but it does not provide any additional information regarding the earnings. “Vezeeta is now ready to lead its expansion into new goods and hunt for acquisitions across the area,” it further noted. “Vezeeta is now set to spearhead its expansion into new products.”
It established a number of important growth drivers, one of which was the Doctor’s Subscription Model, which is a subscription-based SaaS model that provides digital healthcare solutions. Additionally, it provided its pharmacy service, which included home delivery within 60 minutes in select locations.
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According to the firm, as of today, the solution has seen a surge in prescription orders that is five times more than before and has spread to Cairo, Giza, and Alexandria. Integration of electronic prescriptions and tracking of users’ geolocations are now available as well.
“It took seven years for our healthcare marketplace to acquire the trust of five million patients. In contrast, our digital provider vertical, including online pharmacy and digitally-managed clinics, has achieved the same mark in less than two years,” explained Amir Barsoum, founder and CEO of Vezeeta.
A Look At What The Startup Does
Vezeeta was established in 2012 by Barsoum, and it currently enables over ten million people to search for and make appointments with their healthcare providers based on evaluations and ratings left by actual patients.
Patients have the ability to arrange appointments for in-clinic, virtual, or at-home consultations through the use of the app. Other aspects of the pharmacy solution include the ability to schedule a collection of test samples, the ordering of drugs, and the scheduling of home delivery appointments.
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The Vezeeta network currently consists of 50,000 medical professionals and processes seven million transactions each year. At the moment, it does business in eighty cities spread over six countries, including Kenya, Nigeria, Saudi Arabia, Egypt, Lebanon, and Jordan.
With a market size evaluated at $181 billion in 2021, it is anticipated that the industry would reach a size of more than $1 trillion by 2030, increasing at a compound annual growth rate of 21.6%. The global market for digital health is gaining steam.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh