Egyptian health-tech startup Vezeeta said Wednesday that it has raised new funding to fuel its growth plans and fund imminent merger and acquisition deals in the Middle East and Africa (MEA). The latest investment brings Vezeeta’s total funds to nearly $90 million.
The new undisclosed capital, which was led by Abu Dhabi-based Gulf Capital and Sweden-based VNV Global, comes two years after the startup raised $40 million in a Series D funding round, with total funding of over $63 million.
Vezeeta, which has a workforce of around 500 employees, laid off around 10% of its staff in June as the current venture capital landscape has shown no sector is immune to layoffs amid an increase in startups that are reducing their headcount.
Founded in 2012, Vezeeta enables over 10 million patients to search and book their healthcare providers based on genuine patient reviews and ratings. The health-tech startup’s growing profitability and this latest funding round will allow the company to roll out its product roadmap faster and target new areas of growth.
“It took seven years for our healthcare marketplace to acquire the trust of 5 million patients. In contrast, our digital provider vertical, including online pharmacy and digitally-managed clinics, has achieved the same mark in less than two years,” Amir Barsoum, Founder and CEO at Vezeeta said in a statement.
The company said that it had reached its profitability milestone, without giving further details about the profits. “Vezeeta is now set to spearhead its expansion into new products and search for acquisitions across the region,” the startup added.
