Saudi health tech business Clinicy has secured a new seven-figure Series A investment from private equity firm Mad’a Investment Company, lining it up for expansion.
Saudi healthtech startup, Clinicy, has secured an undisclosed seven-figure investment from Riyadh-based equity firm, Mad’a Investment Company. While the exact figure has not been announced, the startup stated that it is the largest pre-Series A investment made in the healthtech sector in Saudi Arabia this year.
In essence, Clinicy is a healthcare management system that manages bookings, appointments and patient engagement while aiming to increase efficiency and quality of health services. This investment will allow it to scale its portfolio of medical institutions and patients, and increase support for the healthcare sector. Essentially, it is set to expand and reach a wider customer base with the new funds.
“As we have all seen over the past year during the pandemic, healthcare is one of the most important sectors for society,” said Abdullah Abdulaziz Al-Othaim, the CEO of Mad’a Investment Company.
“We are pleased to invest in a homegrown Saudi startup that provides excellence in digitising healthcare management and is a first-of-its-kind in the Kingdom.”
So far, 121 health professionals have already been employed as a result of Mad’a Investment Company’s investment, and Al-Othaim declared that the investment “adds to our commitment in supporting businesses that create jobs through innovation.”
Since its founding in 2017, Clinicy’s integration with clinics across Saudi Arabia has reduced patient ‘no-show’ rates by up to 40%. Its achievements also include a 30% reduction in daily calls to receptionists, call centers, and coordinators, credited with the fact that 61% of patient interactions were automated via Clinicy’s communication tool.