Clinicy, a Saudi Arabian startup specializing in healthcare technology solutions, has announced a successful multimillion-dollar fundraising round following its Series A financing. This round was led by Middle East Venture Partners (MEVP), in collaboration with Jet Capital and existing investors in the company, including Kafu and Fayed Investment Group.
This funding round represents one of the largest in the history of the Saudi health tech sector, now valued at 7.2 billion Saudi Riyals. Clinicy plans to use this funding to enhance its presence in the sector by enriching its portfolio of tech solutions and developing an integrated ecosystem of healthcare technology solutions. This move aligns with the objectives of Saudi Vision 2030 to improve healthcare efficiency and accessibility.
His Highness Prince Mohammed bin Abdulrahman Abdullah Al Faisal Al Saud, co-founder and CEO of Clinicy, commented, “Clinicy has made a tangible impact in elevating Saudi Arabia’s healthcare sector, providing digital care services to a million patients across the kingdom. The new funding will expand our presence and reinforce our vision of fostering collaboration with medical institutions and patients, ensuring more effective and accessible healthcare services. We are proud of our ongoing efforts to embrace innovation and financial stability to drive digital growth in Saudi Arabia and support Vision 2030, aiming to improve healthcare access. We are pleased to have the support of Middle East Venture Partners, Jet Capital, Kafu, and Fayed Investment Group, who share our ambition to accelerate healthcare sector growth in Saudi Arabia and the region.”
Walid Mansour, Co-CEO of Middle East Venture Partners, said, “The healthcare sector in Saudi Arabia is experiencing a significant acceleration in technology adoption, driven by the rapid adoption of digital solutions, continuous government efforts to improve standards, and increasing competition among healthcare providers. Clinicy stands out by offering a cloud-based platform that allows clinics and medical centers to deliver digital services and save costs, continuously improving its health standards.”
Munther Hilal, CEO of Jet Capital, remarked, “Clinicy has promising potential to accelerate the digital transformation of the health tech sector in Saudi Arabia. We are thrilled to participate in this investment as our first step in the Saudi market following the opening of our offices in Riyadh. We see many unique opportunities and projects in the Kingdom that we plan to support and nurture in the coming years.”
Founded by Prince Mohammed bin Abdulrahman Abdullah Al Faisal Al Saud, Abdullah bin Sulaiman Al Obeid, and Saud bin Sulaiman Al Obeid, Clinicy is the first company in the Kingdom to offer software as a service (SaaS) based on innovative cloud solutions for managing medical institutions. The company’s solutions provide personalized care experiences for patients and automate critical processes like patient registration and retention. Clinicy also addresses major sector challenges like high patient no-show rates and administrative inefficiencies, costing the Saudi healthcare sector over 3 billion Riyals annually. Medical institutions using Clinicy’s platform have seen a 75% average reduction in missed appointments. The platform also facilitates integration between medical clinics, regulatory bodies, and the entire healthcare system, making it a comprehensive and versatile tool for delivering high-quality patient care.