A Cairo-based healthtech startup centered on offering psychological well being providers 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 assets 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 happy 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 providers. That is what makes us do what we do.”
THE LARGER CONTEXT
Based in 2019 by Bacheet, Ashraf Adel, and Nader Iskander, O7 Remedy provides a community of psychiatrists and psychotherapists – a lot 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 when it comes to psychological well being providers and help. For instance, circumstances corresponding to despair and nervousness are a number one reason for incapacity within the Arab world, which incorporates 5·54% of the worldwide inhabitants. Nonetheless, there stays a scarcity of normal consciousness and schooling of psychological well being issues, in addition to a scarcity of help through native well being authorities, restricted psychological well being providers 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, houses, household, buddies, and even bodily well being. This in flip improves the efficiency of entrepreneurs, SMEs, company and authorities staff, positively affecting international locations economically,” stated Iskander. He added that a part of the platform was centered on “elevating consciousness and understanding, creating protected and supportive areas, and implementing methods that promote psychological wellbeing,” within the office.
In response to O7 Remedy, the funding spherical will deal with rising the platform throughout the MENA, in addition to facilitate new product options and developments. It should additionally enable the startup to broaden 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 imagine that Hikma will play an integral function in destigmatising the subject and assist in offering entry to a bigger variety of folks throughout the area.
“COVID-19 has each accelerated the adoption of digital well being providers and tragically made them extra vital than ever, with will increase in a variety 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.”