Venture capital

Mideast digital health firm Altibbi based in Dubai raises $44 mln and aims for IPO

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Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business, it said in a statement on Monday.

The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals , Hikma Ventures, as well as existing investors Dubai-based Global Ventures and Amman-based DASH Ventures.

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“Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC,” Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.

Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners, and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.

Foundation Holdings senior advisor Jason Kothari will join Altibbi’s board, Altibbi said.

Read more: Saudi Arabia’s pharmacy firm Nahdi soars on debut after $1.36 billion IPO

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