Dr. Saira Siddique has turn out to be the first solo woman founder of a Pakistani startup to have raised $1.8 million in pre-seed funding for fitness tech venture, medIQ. For perspective, women-led startups in Pakistan have solely raised 3% of complete funding for the startup ecosystem over the remaining 5 years and so this fundraise is a trailblazing event for Pakistani ladies founders highlighting what they can achieve.
“We are extremely joyful to whole this strategic funding round, which is an endorsement of our holistic healthcare mannequin via main buyers with sturdy healthcare and technological know-how expertise,” stated Dr Saira Siddique, Founder & CEO of medIQ.
“medIQ is enjoying a essential position in redefining digital healthcare offerings with the aid of enhancing high-quality and comfort for patients, lowering prices for patients, healthcare companies and insurers, with a sturdy potential to end up a regional player. An built-in digital platform is a existing day must-have in a healthcare machine to supply an environment friendly mannequin of care at scale. mediQ has confirmed tune report with extra than three hundred thousand sufferers served in eighteen months only,” she added.
COVID-19 pandemic was once a catalyst for the startup panorama in Pakistan, which noticed investments upward jostle from $65 million in 2020 to $350m throughout eighty three offers in 2021. Though market conceivable is significant, the healthcare zone has alternatively been lagging in mission capital financing, which is anticipated to trade with this area now drawing extra hobby of investors.
“Our fitness care gadget is fragmented and hospitals are overburdened as sufferers have to go to a sanatorium even for minor ailments. An inefficient, “brick and mortar, health center centered” strategy makes timely, cheap and holistic healthcare impossible,” stated Dr. Saira. “Hospitals have an common session ready time of ninety minutes and solely 2.5 minutes is spent on genuine session itself. 90% of sufferers can be effortlessly handled at the factor of want barring a go to to a hospital. medIQ is reversing the modern-day mannequin of health facility founded healthcare shipping by means of bringing healthcare to the sufferers at their factor of want the usage of a “patient centered” approach.
The spherical brings collectively a quantity of strategic buyers led through USA based totally Amaana Capital and Middle East & Pakistan targeted – Cordoba Ventures (CorVCF). The US-based early-stage investor Seraph Group, TAJDEED, a syndicate of outstanding medical practitioner from APPNA (All Pakistani Physicians of North American descent Association), House of Habib, and main fitness tech angel investors from Silicon Valley additionally participated in the round. It is the first direct funding for each NRD Capital and Seraph Group in a Pakistani startup.
medIQ is Pakistan’s first built-in B2B digital care platform offering the whole thing a organisation or insurer wishes to supply digital care to its members. It additionally serves each city and rural character clients by using without delay connecting them to fitness provider providers.
The B2B digital care answer powered with the aid of medIQ gives a customizable plug-and-play science stack, complete community of on line pharmacy, on-line laboratory offerings backed with the aid of GPs and experts from 32 specialities, nursing personnel and committed domestic care teams. This is delivered collectively via a proprietary electronic scientific report gadget to document affected person facts in a single profile, merchandising facts sharing and interoperability, thereby enhancing fantastic and lowering fee of care.
With the fund raise, medIQ plans to in addition make investments in its tech infrastructure to supply holistic digital care to agencies and patients, primarily based on improvement of AI and Machine Learning equipment the usage of gorgeous affected person data. The employer plans to construct out its offerings throughout 20 cities of Pakistan and increase regionally.