Pakistani health tech startup MedIQ raises $6m
Pakistani health tech startup MedIQ raised $6m in a Series A funding round led by Qatar's Rasmal Ventures and Saudi Arabia's Joa Capital, with follow-on investment from existing backers.
According to a statement released Thursday, the funding round is one of the largest in the history of the Kingdom's health tech sector and will be used to fuel MedIQ's further expansion across a market sector worth SAR 7.2bn (almost $2bn) in Saudi Arabia.
Founded in Pakistan in 2020 by physician-turned-health economist and entrepreneur Dr. Saira Siddique, the startup has a vision to become 'the operating system' for healthcare in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region.
The company had previously raised $3.8m in seed and bridge rounds to build its foundation in Pakistan. It has raised a total of $9.8 million, entered Saudi Arabia in 2023, and employs 180 people across Islamabad and Riyadh.
According to Yousef AlYousefi, CEO of Joa Capital: 'We're excited to see MedIQ continue its growth in SA where it has become the undisputed market leader.'
He said the firm's growth plans underline its commitment 'to creating value for patients and healthcare providers in Saudi Arabia and Middle East, by empowering them with technology, data, ease of access and affordable solutions in healthcare.'
Meanwhile Soumaya Ben Beya Dridje, partner at Rasmal Ventures, said: 'MedIQ's bold vision to transform healthcare delivery across the Middle East and beyond deeply resonates with us.'
'Our investment, alongside Joa Capital, reflects our commitment to advancing health tech solutions that redefine traditional healthcare models. By backing startups like MedIQ, we aim to accelerate digital transformation and strengthen the GCC and regional healthcare ecosystem.'
MedIQ's plans for growth include AI-driven digitization of healthcare facilities and back-office operations of insurance companies to provide seamless patient-centred experience for improved patient satisfaction. This shall be followed by the expansion to Qatar and neighbouring GCC countries.
The story behind MedIQ
MedIQ was born out of a personal health crisis experienced by Dr Saira Siddique, who was left paralyzed and hospitalized for over a year. During this time, she experienced 'the fragmented and inaccessible nature of Pakistan's healthcare system,' according to the statement.
This led her to launch MedIQ, 'with the goal of creating a coherent, interconnected, and digitally enabled healthcare ecosystem'.
'MedIQ isn't just another health app,' she said.
'We're building the backbone of digital healthcare — a scalable infrastructure that improves outcomes and reduces costs. It started with a simple idea: what if healthcare worked like any modern service — connected, convenient, and patient-first?'
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