Altibbi’s $44 Million Series B Fundraise

Harneys acted on instructions from Latham & Watkins as British Virgin Islands counsel for emerging medical technology company Altibbi in a successful series B round.

Altibbi, the Middle East’s largest AI-based digital health platform, announced a $44 million, Series B fundraise.

The funds will be used to expand their online pharmacy and diagnostic collection business in the steadily growing med-tech sector. This position will enable them to become the first publicly listed digital health unicorn IPO in the Gulf Cooperation Council.

The round brings together a number of strategic and financial investors and the heavily oversubscribed round was led by Foundation Holdings, Hikma Ventures and existing investors Global Ventures and DASH Ventures. Raising more than US$50 million in funds since its founding in 2011, Altibbi’s diverse shareholder base also includes high-profile investors Endeavor Catalyst, Middle East Venture Partners and Al Rashed, among others. 

Altibbi is a Middle Eastern and North African digital health platform founded in Jordan and headquartered in Dubai that has been in operation since 2008. The goal of the platform is to provide accurate and reliable medical information to users in the region in Arabic. 

The Harneys team was led by BVI Corporate Partner George Weston (Picture) with support from BVI Corporate Associate James Kitching. 

 

Involved fees earner: James Kitching – Harneys; George Weston – Harneys;

Law Firms: Harneys;

Clients: Altibbi;

Sonia Carcano

Author: Sonia Carcano