We are joining a $40m million (SAR 150m) investment round in Vezeeta, the leading digital healthcare platform in MENA, connecting patients with healthcare providers and health services. The financing enables the company to continue its expansion in Saudi, scale up new products, and expand into new markets.
We first met Amir, the CEO of Vezeeta, in early 2018. At the time, we believed the company's success in Egypt was remarkable, and the early traction they were seeing in Saudi Arabia was worth backing and scaling. We led their Series C fundraising round and worked closely with Amir, his team, and the company's board to help the company expand into Saudi Arabia. The progress the company has achieved since our investment is astounding. We are thrilled to double down on our position and increase our stake in Vezeeta, while also welcoming Gulf Capital to the table.
During the past year, Amir and his management team have established an office in the heart of Riyadh. They engaged all the major and long-tail healthcare providers in the country, connected with public and private stakeholders, and appointed a Saudi healthcare executive to their board. Within this period, the company has tripled in all metrics, including hitting the milestone of 4 million appointments per year.
The next chapter for Vezeeta holds an even bigger opportunity. In addition to continuing its growth in Saudi, we are excited to see Vezeeta grow in vertical healthcare that goes beyond appointment booking, as well as establish presence in new markets. Healthcare is ripe for disruption and MENA is the best ground for it.
We invest in founders with deep market insights and global ambitions –and Amir is the embodiment of that, a first-rate founder that is also capable of building a world-class team. We are excited to share the board with Gulf Capital and are eager to see the next chapter of Vezeeta unfold.