A GCC healthtech startup has just secured a seven-figure investment which it is calling “the largest Pre-Series A investment in the healthtech sector in the Kingdom of Saudi Arabia” this year.
Mad’a is a wholly owned subsidiary of Abdul Aziz Al Othaim & Sons Holding Company.
“This investment will allow us to scale the number of medical institutions and patients using Clinicy and further support our vital healthcare sector,” said Clinicy co-founder and managing director, Talal Waleed Al-Hussein. “We are proud that Mad’a Investment Company has confidence in Clinicy’s successful model.
“Through this strategic partnership we will be able to capitalise on expertise and knowledge as we continue the development of quality innovative solutions and services. Our expansion will help to reach a larger segment of customers and focus on creating enhanced experiences and benefits for users.”
THE LARGER CONTEXT
A representative for the startup confirmed that prior to launch, Clinicy’s team conducted two years of research and development to identify challenges in the Saudi Arabian healthcare sector. Three major ones, they say, are “missed appointments [i.e. no-shows], high administrative operating costs, and lack of reach and communication with patients.”
According to data shared by Clinicy, missed appointments account for approximately 30% of all appointments per year, which reportedly wastes more than 2.2 billion Saudi Riyals ($586.6m) of the Kingdom’s annual healthcare budget.
Clinicy’s mission is to address these various challenges with its “proprietary patient engagement system”, which runs an automated appointment system between healthcare facilities and patients.
“Integration with clinics across the Kingdom has been highly successful, including reducing ‘no-show’ rates by up to 40%, [and] 61% of interactions with patients automated via the Clinicy communication tool [as well as] a 30% reduction in daily tasks for call centres, receptionists and coordinators,” the company said in a statement.
ON THE RECORD
“In line with Vision 2030 goals to improve the quality and efficiency of the health sector, Clinicy has demonstrated a valuable proposition which has the power to transform and enhance healthcare services across the entire region,” said Abdullah Abdulaziz Al-Othaim, CEO of Mad’a Investment Company. “As we have all seen over the past year during the pandemic, healthcare is one of the most important sectors for society.
“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. This investment adds to our commitment in supporting businesses that create jobs through innovation.”