Pakistan's MedIQ secures $6 million Series A to scale Saudi operations
Pakistan-based healthtech MedIQ has raised $6 million in a Series A round led by Rasmal Ventures and Joa Capital, with participation from existing investors.
Founded in 2020 by Saira Siddique, MedIQ offers a digitally integrated hybrid healthcare ecosystem for B2B and B2B2C clients, combining telehealth, e-pharmacy, AI-powered facility digitisation, and back-office automation for insurers. The company expanded into Saudi Arabia in 2023.
The funding will be used to scale operations across Saudi Arabia's SAR 7.2 billion healthtech market, enhance its tech stack, and support expansion into Qatar and neighbouring Gulf countries.
Press release:
First Pakistani Female-Founded Health Tech Startup Secures $6M in Series A Funding to Expand its Middle East Operations
MedIQ, a pioneering healthcare technology startup, has raised $6 million in a Series A funding round led by Rasmal Ventures (Qatar) and Joa Capital (Saudi Arabia), with strong follow-on investment from existing backers. Founded in Pakistan in 2020, MedIQ expanded to the Kingdom of Saudi Arabia in 2023, building momentum in healthcare across the region.
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 7.2 billion in Saudi Arabia alone. MedIQ's growth includes broadening its technological reach and the expansion of a unique, proprietary B2B and B2B2C 'Digitally Integrated hybrid healthcare Ecosystem', which will support the rapid modernisation of the sector in line with Vision 2030's goals to transform healthcare efficiency and accessibility. This includes AI-driven digitisation of healthcare facilities and back-office operations of insurance companies to provide a digitally supported, seamless, patient-centred experience for improved patient satisfaction. This shall be followed by the expansion to Qatar and neighbouring GCC countries.
With a vision to become the operating system for healthcare in the MENAP region, MedIQ had previously raised $3.8 million in seed and bridge rounds to build its foundation in Pakistan, expand to serve more than 10M customers, and become EBIDTA positive. With learnings from implementation in Pakistan, world class tested tech stack, subject matter expertise, and on-ground presence in Saudi Arabia, MedIQ gained strong traction clearly indicating the product market fit not only for KSA but similar GCC countries. Raising 6 million USD in new funds, MedIQ is committed to capitalizing on the fast-growing Saudi Arabia's economy and other New Economies in the GCC.
Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique, MedIQ aims to become the "operating system" for healthcare in the MENA region, delivering greater cost efficiency, accountability, and convenience through technology. 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 firsthand the fragmented and inaccessible nature of Pakistan's healthcare system. This journey led her to launch MedIQ, with the goal of creating a coherent, interconnected, and digitally enabled healthcare ecosystem.
'People don't just suffer from illnesses — they suffer from the system,' said Dr Siddique. 'MedIQ isn't just another health app. 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?'
Yousef AlYousefi, CEO of Joa Capital
'We truly subscribe to the mission of improving healthcare using technology. The progress MedIQ has achieved since our investment, especially in Saudi Arabia, is incredible. We are thrilled to double down on our position. The next chapter for MedIQ holds an even bigger opportunity, and we're excited to see MedIQ continue its growth in Saudi Arabia, where it has become the undisputed market leader. These growth plans underline the company's commitment to creating value for patients and healthcare providers in Saudi Arabia and the Middle East by empowering them with technology, data, ease of access and affordable solutions in healthcare.'
Soumaya Ben Beya Dridje, Partner at Rasmal Ventures
"MedIQ's bold vision to transform healthcare delivery across the Middle East and beyond deeply resonates with us. Led by Dr. Saira, their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are eager to support. 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."
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