A Cairo-based healthtech startup targeted on offering psychological well being companies within the Center East and North Africa (MENA) has simply secured one of many largest funding rounds for its sector within the area.
O7 Remedy – a digital platform and smartphone app that specialises in on-line remedy, company wellness programmes, and psychoeducational sources for “Arabic-speaking customers” – has raised a complete of $2.1 million in a funding spherical led by Hikma Ventures. The enterprise capital agency is a part of the London-headquartered Hikma Prescribed drugs.
Different individuals within the funding embody C-Ventures, Lotus Ventures, and “a number of distinguished angel buyers,” O7 Remedy stated in an announcement.
“We’re completely satisfied to have Hikma be a part of our mission to enhance the lives of individuals,” added CEO and co-founder, Ashraf Bacheet. “Psychological well being and wellness are of paramount significance. Everybody deserves handy and, extra importantly, reliable entry to premium psychological wellness companies. That is what makes us do what we do.”
THE LARGER CONTEXT
Based in 2019 by Bacheet, Ashraf Adel, and Nader Iskander, O7 Remedy gives a community of psychiatrists and psychotherapists – lots of whom are bilingual – to help purchasers in each Arabic and English.
“This journey is over 20 years within the making, and its success is because of the concord of leaders from completely different industries, all deeply invested in creating an accessible system to psychological healthcare within the area,” stated Adel.
In comparison with different areas, the MENA is underserved by way of psychological well being companies and help. For instance, situations corresponding to melancholy and nervousness are a number one reason behind incapacity within the Arab world, which incorporates 5·54% of the worldwide inhabitants. Nonetheless, there stays an absence of common consciousness and training of psychological well being issues, in addition to an absence of help through native well being authorities, restricted psychological well being companies for underprivileged communities, and the social stigma related to it.
“Our funding in psychological wellbeing improves the lives of people in all areas of life – scholar life, work, properties, household, pals, and even bodily well being. This in flip improves the efficiency of entrepreneurs, SMEs, company and authorities workers, positively affecting nations economically,” stated Iskander. He added that a part of the platform was targeted on “elevating consciousness and understanding, creating protected and supportive areas, and implementing methods that promote psychological wellbeing,” within the office.
In line with O7 Remedy, the funding spherical will deal with rising the platform throughout the MENA, in addition to facilitate new product options and developments. It’ll additionally enable the startup to increase its office wellness programmes to serve extra organisations.
ON THE RECORD
“We’re excited to be a part of a unified effort to revolutionise psychological healthcare and remedy to Arabic audio system throughout the globe,” stated Hamzeh Abdul-Hadi, principal at Hikma Ventures. “We consider that Hikma will play an integral function in destigmatising the subject and assist in offering entry to a bigger variety of individuals throughout the area.
“COVID-19 has each accelerated the adoption of digital well being companies and tragically made them extra essential than ever, with will increase in a spread of psychological well being points, together with loneliness, stress, nervousness, burnout, and past. O7 Remedy’s platform is well-positioned to deal with these issues.”