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Fast-growing healthcare start-up Alma Health has today announced it has received funding from the Oryx Fund, a dedicated venture fund backing early-stage start-ups across MENA, with a particular focus on Healthtech, Fintech, and Edtech. Strategic angels from Saudi and the UAE have joined the round as well.
Alma Health was founded in late 2020 by Khaldoon Bushnaq, former Head of Strategy for Careem, and Tariq Seksek, former Head of Product for Dubizzle to build a patient-centric healthcare system for the estimated 20 million GCC residents that have at least one form of a chronic condition. Alma Health offers an end-to-end healthcare experience from doctor consultation, to delivery of prescribed medication, to ongoing care to patients from the comfort of their home and at no extra cost. Additionally, Alma Health’s sophisticated technology has the ability to improve health outcomes for members through at-home monitoring systems that support their healthcare journeys.
Based in Hub71, Alma Health is currently available in Abu Dhabi and is fully licensed by the Emirate’s Department of Health and is accredited by major health insurance networks. The investment by Oryx Fund will help support continued growth of the service other parts of the world, including expansion into Saudi Arabia planned for later this year.
Launched in February 2021 by Hambro Perks, a London-headquartered international investment firm focussed on private technology investing, the Oryx Fund is a $50m venture fund focussed on backing early-stage start-ups across the Middle East and North Africa. This fund is backed by leading regional and international investors, including Jada Fund of Funds, Saudi Venture Capital Company (SVC), and Riyadh Valley Company alongside prominent regional families. Hambro Perks has vast experience in investing in the heathtech sector, and previous backed a digital pharmacy business, Echo, which was bought by McKesson, a leading international healthcare organisation.
Speaking on the investment, Khaldoon Bushnaq, co-founder of Alma Health said: “We are pleased to be partnering with the Oryx Fund to support our expansion and growth. In addition to being dedicated regional investors, the team has a wealth of experience in digital healthcare, having previously backed leading international businesses in this sector. We are on a clear mission to become the leading digital platform for chronic condition management by harnessing technology to transform lives in our region. This investment will enable us to achieve these goals sooner.”
Ali Qaiser, Partner at Oryx Fund, said: “Alma Health is a great example of a locally-founded business with global potential. We are impressed by Khaldoon and Tariq and their team, who combine business expertise with total dedication. The Oryx Fund team will bring additional experience and contacts, to help the business realise its ambitions. Through our previous investments in healthtech businesses such as Echo and Peppy, we have seen first-hand the potential of innovative technology to significantly transform the lives and health outcomes for millions of people, and we are excited to be a part of Alma Health’s growth.”
About Oryx Fund:
The Oryx Fund is a $50m venture fund launched in February 2012 by Hambro Perks. The fund is focused on backing early-stage start-ups across the Middle East and North Africa, with a particular focus on FinTech, health technology and education technology. The Oryx Fund is domiciled in Abu Dhabi Global Market (ADGM) and will be overseen by a dedicated team of investment professionals.
