START IT UP STARTUP FINANCE
“WE GOT FUNDED!” Dubai-based startup Okadoc makes history by closing the largest ever Series A round for a healthtech startup in the MENA region b y A B Y S A M T H O M A S
D
ubai-based startup Okadoc announced in February the closure of its US$10 million Series A round, which saw the participation of a diversified mix of institutional and private investors that included Abu Dhabi investment Office and Ithmar Capital Partners. This investment in the UAE-born “instant
72 / E N T R E P R E N E U R . C O M / March 2020
doctor appointment booking platform” has been declared as the largest healthtech Series A in the MENA region, with the funds set to be used to launch Okadoc’s new telemedicine offering, which will allow doctors to offer virtual consultations to patients on the app or website. While Okadoc founder and CEO Fodhil Benturquia acknowledges the momentous aspect of his startup’s
Series A announcement, he’s clear that he’s keener on keeping his eyes trained on the company’s long-term goals. “For us, it’s not only about the amount, but what we will do with this money,” Benturquia says. “We don’t want to be a company that raises a lot of money across 5-6 rounds. We are looking to be profitable, and have a business model that is highly sustainable.”
Okadoc’s latest investment follows its $2.3 million seed round when it launched in the UAE in 2018 as an online platform that allowed patients to find doctors and instantly book appointments with them. Besides being able to search for doctors based on a variety of parameters (which includes everything from the language they speak, to the insurance networks they are covered under), users also get access to doctor schedules in realtime, which allows them to book and manage appointments in an efficient and effective manner. As per its website, Okadoc currently features more than 16,000 profiles across 140 special-
IMAGES COURTESY OKADOC
Okadoc founder and CEO Fodhil Benturquia