Egyptian healthtech startup, Almouneer, a frontrunner in the digital transformation of healthcare in the Middle East and Africa (MEA), has proudly announced a seed funding round amassing US$3.6 million. Leading the fundraising was Dubai’s Global Ventures, with noteworthy investors Proparco, Digital Africa through the Bridge Fund, Wrightwood Investments representing Diane & Henry Engelhardt, and various international funds making significant contributions.
Founded in 2017 by Noha Khater and Rania Kadry, Almouneer is a digital transformation platform to serve patients with chronic diseases.
This fundraising event comes at a time when Almouneer has demonstrated substantial growth. Currently, the platform serves more than 120,000 patients. Impressively, in the past year alone, its business volumes have doubled, and the leadership team has been fortified with significant strategic hires.
The funding will be primarily directed towards the expansion and development of DRU, which is MEA’s inaugural patient-oriented digital platform specializing in lifestyle and diabetes management. Addressing conditions like diabetes, pre-diabetes, and obesity, DRU is poised to benefit millions in Egypt and across the MEA. It boasts a scalable platform featuring state-of-the-art applications for both patients and doctors, complemented by a comprehensive network of providers.
To further its mission, Almouneer will employ the funds to enhance DRU’s groundbreaking technology and broaden its provider ecosystem, including doctors, health coaches, labs, and nutritionists. The company also has grand plans to pioneer MEA’s first online, personalized treatment plans. At present, DRU integrates with Continuous Glucose Monitors and various glucometers. Soon, it will also be compatible with wearables such as smartwatches.
2024 is gearing up to be an essential year for Almouneer. During Q1, the company intends to roll out its DRU app dedicated to doctors, bridging healthcare providers with millions of patients. Almouneer’s strategic vision includes both regional and international expansion. By next year, the company aims to establish a presence in Saudi Arabia, the U.A.E., Nigeria, Kenya, and more.
With the MEA region grappling with rising obesity and pre-diabetes levels, the relevance of Almouneer and DRU cannot be understated. A staggering 40% of the population in the MEA region is affected, making their mission all the more crucial. Egypt alone has 15 million diabetics, while KSA has 7 million. These challenges underscore the paramount importance of lifestyle management and consistent monitoring.
In a statement, Noha Khater, Almouneer’s co-founder and CEO, expressed profound gratitude to the investors and stakeholders who made this possible. She acknowledged the invaluable support from entities like the Cartier Women’s Initiative, INSEAD, Endeavor, and Alliance Law Firm, noting that the investment will catapult Almouneer to newer horizons.
Noor Sweid from Global Ventures mirrored this sentiment, emphasizing the company’s potential to make a tangible difference in the lives of diabetic patients across the MEA. Henry Engelhardt, representing Wrightwood Investments, lauded the leadership duo of Noha Khater and Rania Kadry for their remarkable commitment and vision.
Fabrice Perez of Proparco praised Almouneer for their dedication to innovation and industry disruption, resonating with the objectives of both Proparco and Digital Africa. Similarly, Babacar Seck, the CEO of Digital Africa, expressed their eagerness to invest in a high-impact sector and expressed optimism about the future partnerships with Almouneer.
In conclusion, Almouneer’s recent seed round funding not only reaffirms its robust position in the market but also underscores the collective commitment of various stakeholders to transform healthcare in the MEA region. With ambitious plans and a clear vision, Almouneer is on the cusp of setting new benchmarks in the healthcare industry.
