United Arab Emirates-based digital health platform developer Altibbi raised $28m today in a series B round co-led by pharmaceutical company Hikma’s corporate venturing unit, Hikma Ventures.
The round was co-led with Foundation Holdings, Global Ventures and Dash Ventures and was heavily oversubscribed according to Altibbi, which described it as the largest single financing round for a digital health company in the Middle East.
Altibbi offers round-the-clock telehealth services across seven countries, claiming to have carried out over 4.5 million consultations to date.
The series B proceeds will be used to expand the company’s business into online pharmacies and diagnostics collection across the region, as well as to boost its investments in machine learning technology.
Rimco Investments, a subsidiary of conglomerate Al Rashed and Sons, took part in a $6.5m funding round for the company in 2017 that was co-led by Dash Ventures and existing investor Middle East Venture Partners with backing from Endeavor Catalyst, Tamm and undisclosed others.
Altibbi’s founder and chief executive, Jalil Allabadi, said: “We are thrilled to complete this significant funding round, with the endorsement of leading financial and strategic investors with strong healthcare and technology expertise.
“Altibbi is playing a critical role in organising digital healthcare services, improving quality and convenience for patients and reducing costs of insurers and governments, even as it expands access across the region. Building an end-to-end platform and strengthening our geographic presence have always been strategic priorities.”
