Saudi Healthtech firm Clinicy banks huge funds in pre-Series A round

Clinicy, an innovative healthtech firm based in Saudi Arabia, has roped in a seven-figure funding from Mad'a Investment Company, a private equity firm headquartered in Riyadh. While the specific amount of the investment is undisclosed, it is the largest pre-Series A investment in the health-tech sector in Saudi Arabia this year.

Clinicy offers a proprietary healthcare management system that manages bookings, appointments, and patient engagement, which improves efficiency and service quality.

Talal Waleed Al-Hussein, Clinicy’s Co-Founder and MD, said that this investment round will help the organization to expand the number of medical institutions and users of Clinicy and help the healthcare industry.

He added, Mad'a Investment Company's belief in Clinicy's successful model is something the firm is proud of. It will use this strategic alliance to capitalize on expertise and knowledge as it continue to produce high-quality, innovative solutions and services. This growth will enable them to serve a broader range of clients while also focusing on improving user experiences and benefits.

Mad'a Investment Company's commitment to the healthcare sector continues with this newest round, with 121 health professionals currently engaged given to the firm's strategic investments.

After the research and development of 24 months, Clinicy recognized the three most fundamental challenges: high clerical operating costs, missed appointments(no-show), and lack of reach and communication with patients.

The average rate of patients who fail to attend an appointment (no-show) is around 30%, causing approximately SAR2.2 billion ($600 million) annually. This rate is constant for the last two decades.

Clinicy focuses on each of these challenges with its exclusive patient visit system, effortlessly managing of daily operations, including automating appointments and bookings between patients and medical institutions.

Its integration with clinics across the Kingdom has proven tremendously successful, with no-show rates up to 40%, 61% of clients' visits being automated using the Clinicy communication tool, and a reduction of up to 30% in daily tasks of call centers and receptionists.

Source Credit - https://www.wamda.com/2021/08/saudi-healthtech-clinicy-closes-pre-series-round