Clinicy, an innovative Saudi healthtech business has announced a successful seven-figure investment from Riyadh-headquartered private equity firm Mad’a Investment Company. The funding follows successful integration and implementation results with medical institutions. The proprietary healthcare management system manages bookings, appointments and patient engagement, increasing efficiency and quality of service. While the exact investment figure remains undisclosed, it is the largest Pre-Series A investment in the healthtech sector in the Kingdom of 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.
This latest round continues Mad’a Investment Company’s commitment in supporting the healthcare sector, with 121 health professionals already employed through the private equity firm’s strategic investments.
After 24 months of research and development, Clinicy identified three core challenges: missed appointments (no-show), high administrative operating costs and lack of reach and communication with patients. The average local market ‘no-show’ rate of patients who fail to attend appointments is over 30 per cent, costing more than 2.2billion Saudi Riyals (USD $600mn) annually. This rate hasn’t changed in two decades.
Clinicy addresses each of these challenges with its proprietary patient engagement system, seamlessly managing daily operations including automating bookings and appointments between medical institutions and patients. Its integration with clinics across the Kingdom has been highly successful, including reducing ‘no-show’ rates by up to 40 per cent, 61 per cent of interactions with patients automated via the Clinicy communication tool and a 30 per cent reduction in daily tasks for call center, receptionists and coordinators.