Dubai-Based HealthTech Altibbi Raises $44M, Seeks IPO

Altibbi, a Middle East-based HealthTech network, has raised $44 million in a Series B round, the company announced on LinkedIn Monday (March 28).

The company said the cash will be used to expand its online pharmacy and diagnostic collection business, as well as to go public.

The round was led by Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals, Hikma Ventures, as well as existing investors Global Ventures and Amman-based DASH Ventures. Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed.

Foundation Holdings senior advisor Jason Kothari will join Altibbi’s board.

“Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC,” said Foundation Holdings CEO Abhishek Sharma said in a statement, referring to the six-nation Gulf Cooperation Council.

In an interview with PYMNTS, Alessandro Ambrosio, CEO and co-founder of Italy-based digital health platform EpiCura, said while the digital transformation has dramatically changed how industries offer services to their customers, the same speed and convenience of services have been much slower in the healthcare sector.

See more: Healthcare Performs Best When Tech and Human Touch Work Together

“It’s always so hard to find the right solution for [patients] because classic and traditional clinics are working maybe five days a week and close quite [early in the day],” Ambrosio told PYMNTS in an interview. “They [also] have lunch breaks and don’t have all the services that patients need.”

While technology plays an essential role in innovating and improving healthcare services, Ambrosio said striking the right balance between technology and a human touch is crucial.