Viaka Newsletter: A look at Health-tech in MENA!
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Hi everyone! This week, we’re showcasing Health tech in MENA ahead of Viaka’s second Demo Day on January 30. Check out more about the Demo Day below, which will feature Health-tech startups and investors.
The Middle East and North Africa region's (MENA) healthcare sector has seen remarkable growth over the past decade, driven by both public and private finance. This has solidified the region's position as a major player in global healthcare. According to the Medical Tourism Index, Dubai and Abu Dhabi are ranked as the sixth and ninth-best destinations for medical tourism worldwide.
The United Arab Emirates (UAE) has a strong track record with healthcare investment, having attracted world-renowned institutions such as the Cleveland Clinic Abu Dhabi and education programs by NYU Abu Dhabi.
According to a recent report, healthtech in the MENA region has seen the most growth by combined enterprise value since 2016. The healthtech startup ecosystem in the region is now valued at over $1.5 billion, a 22x increase since 2016. Healthtech startups in the region have received more than $200 million in venture capital (VC) funding since 2016.
VCs, both domestic and international, are increasingly focusing on the region, ready to invest in the growing number of healthtech startups. Domestic investors have been the main contributors to funding for healthtech startups in the region, with 80% of VC funding coming from domestic investors since 2016. However, founders have plenty of opportunities to attract funding from local and foreign investors, as domestic and foreign VCs have raised $0.9 billion in MENA-specific healthtech-dedicated VC funds since 2020.
The demand for telemedicine in the region is also on the rise, along with the adoption of remote monitoring solutions. Virtual care goes beyond telemedicine and is a game-changer for prevention and proactive care. In the UAE, telemedicine service providers in medical centers and hospitals have started to offer a 360-degree solution using regulation-compliant health information systems, supporting patients living in remote areas.
Telemedicine leads in terms of VC investment, value, and startup creation in the MENA region, but other patient-focused segments are emerging too. Beyond telehealth, VC investment is also active in clinical decision support, practice management, and remote monitoring. The majority of VC investment activity and value creation has been focused on startups improving the patient experience, such as digital care and remote monitoring.
Healthtech continues to be a high-growth, high-tech area of startup and VC activity in the MENA region. Healthtech provides an interesting opportunity for innovative investors and founders alike to find both high returns and, more importantly, high world impact.
Source: The State of Healthtech in the MENA Region
Promising Opportunities from Our Partners
New opportunities added in January 2023:
Vbout is looking for expert advice on refining its B2B growth strategy and selling add-ons to its existing user base
YallaPlay is looking for expert advice on setting up a scalable employee incentive program and exploring the possibility of a rebrand to better address global markets.
Click on the button below to see all current opportunities & get involved:
Exciting Announcements From Our Network
Below is a list of updates, wins, and asks emanating from members of the Viaka Network in the “West.”
We’re hosting a Health Tech demo day 🏥 On January 26th, five early stage Health Tech founders in the Viaka Network will present their startups (via Zoom), and receive actionable feedback (and potentially raise funds) from investors, advisors, and serial entrepreneurs in their field.
MAGNiTT, the world’s largest database tracking VC in emerging markets, is hosting a webinar with founder and CEO Philip Bahoshy on 18 January. The webinar will cover trends in VC for 2023; check it out here!
More Viaka events are already planned for 2023! Join the Network to get involved with our monthly coffee chats, demo days, and upcoming in-person meetups.
If you’re a member of our Network and would like to share your own update next week, email info.viaka@gmail.com or submit an update via this form.
Read of the Week
Viaka has launched a Network Reading List, where Network members are encouraged to submit media suggestions of their own.
Our suggested read this week is this piece from Max Cuvellier’s “Africa: The Big Deal” on funding in African startups.
Weekly Digest
Check out our weekly digest — we provide news from all across the MENA startup ecosystem, every single Friday. Be sure to follow our LinkedIn and Twitter for more.
That’s it for this week. Thank you!
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