Saudi healthtech company Clinicy has closed a seven-figure investment round by Mad’a Investment Company, a Riyadh-based private equity firm. The funding comes as a result of effective integration and execution with medical institutes. Bookings, appointments, and patient engagement are all managed by the proprietary healthcare management system, which improves efficiency and service quality. While the specific amount of investment is unknown, it is the largest Pre-Series A investment in the healthtech sector in Saudi Arabia this year.
On the occasion of the investment round signing, Clinicy Co-founder and Managing Director, Talal Waleed Al-Hussein said, “This investment will allow us to scale the number of medical institutions and patients using Clinicy and further support our vital healthcare sector. We are proud that Mad’a Investment Company has confidence in Clinicy’s successful model. Through this strategic partnership, we will be able to capitalize 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.”
Mad’a Investment Company CEO, Abdullah Abdulaziz Al-Othaim said, “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. 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 digitizing 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.”
Mad’a Investment Company’s commitment to the healthcare sector continues with this newest round, with 121 health professionals currently engaged due to the private equity firm’s strategic investments.
Clinicy found three fundamental difficulties after 24 months of study and development: missed appointments (no-shows), high administrative, operational costs, and a lack of reach and contact with patients. The typical local market ‘no-show’ percentage of patients who do not show up for appointments is above 30%, costing over 2.2 billion Saudi Riyals (USD $600 million) every year. In the last two decades, this rate has remained unchanged.
Clinicy’s proprietary patient engagement solution handles each of these issues by smoothly managing daily activities, such as automating bookings and appointments between medical facilities and patients. Its integration with clinics across the Kingdom has proven tremendously effective, with no-show rates falling by up to 40%, 61% of patient encounters being automated using the Clinicy communication platform, and daily chores for call center, receptionists, and coordinators falling by 30%.
