RIYADH: Pakistani health-tech platform MEDZnMORE has raised $11.5 million in Pre-Series A funding.
MEDZnMORE aims to utilize this funding to expand its team, MAGNiTT reported.
Investors included Integra Partners, Nunc Gestion, Sturgeon Capital, and Alta Semper.
Other investors in the Karachi-based company, which was founded in late 2020, include AlTouq Group, ACE & Company, Key Family Partners, Reflect Ventures, and Atlas Asset Management.
CEO Asad Khan said: “In a market of over 220 million people, where public healthcare spending is only 1.2 percent of the Gross Domestic Product, and where 55 percent of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering, rather than spend on prohibitively expensive medical procedures.
“Ensuring the accessibility of affordable and authentic medicines is essential. At MEDZnMORE our aim is to make health and wellness products available in all corners of the country.”
The Pakistani healthcare industry surged during the pandemic, and aggregated over $10 million over the past two years, MAGNitt said.
The investor interest in startups providing digital healthcare infrastructures, online teleconsultations, and creating online marketplaces for medicines, spiked.
The sector has raised $5 million in the first quarter of 2022, according to a MAGNiTT report, credited entirely to the on-demand servicing platform, Find My Doctor.
MENA healthcare industry raised south of $50 million with Altibbi ($44 million Series B) raising the lion’s share of investment.