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Saudi Arabian healthtech start-up Clinicy, co-founded by Prince Mohammed Bin Abdulrahman Abdullah Al Faisal, has secured a seven figure US dollar Series A funding round.
The round was led by Middle East Venture Partners (MEVP) and joined by Gate Capital and existing shareholders Kafou Group and Fadeed Investment.
Clinicy did not disclose the amount raised but said it was one of the largest funding rounds in the kingdom’s health tech sector. The company said the Saudi health tech sector is worth SAR 7.2 billion ($1.92 billion) per annum.
The company provides cloud-based software as a service (SaaS) solutions for medical institution management in Saudi Arabia, including patient experience, onboarding and retention.
The services address issues such as high patient ‘no-show’ rates and administrative inefficiencies, which cost the Saudi healthcare industry over SAR 3 billion annually, Clinicy said.
CEO and co-founder Prince Mohammed said the company had already served one million patients.
“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,” he added.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
