Egypt-based healthtech Almouneer announced that the company had raised $3.6 million in a seed funding round led by Dubai-based Global Ventures, with participation from other renowned international investors: Proparco and Digital Africa, through the Bridge Fund, Wrightwood Investments – the family office of Diane & Henry Engelhardt (UK) – and other leading international funds.
The fundraise follows rapid growth for Almouneer as it serves over 120,000 patients, with business volumes having doubled in the last year and its leadership team boosted with several key hires.
The proceeds will primarily support the development and expansion of DRU – MEA’s first patient-centric, digitally-enabled lifestyle and diabetes management platform. DRU aids in the prevention and management of diabetes, pre-diabetes, and obesity – and will serve millions in Egypt and MEA. The scalable platform uses cutting-edge patient and doctor-facing applications and an extensive provider network.
Proceeds will enhance DRU’s state-of-the-art technology further and grow its wider provider ecosystem (doctors/health coaches/labs/nutritionists). Almouneer will also build MEA’s first online, patient-customized treatment plans. DRU currently connects to Continuous Glucose Monitors and other glucometers and will soon enable connection to wearables such as smartwatches.
2024 is set to be a year of important milestones. In Q1, Almouneer will launch its DRU app for doctors – connecting healthcare providers with millions of patients. The company’s strategy is to expand regionally and internationally – with market entries to Saudi Arabia, the U.A.E., and African countries, including Nigeria and Kenya – anticipated by next year.
The MEA region has very high levels of obesity and prediabetes – affecting over 40% of its population – making Almouneer and DRU’s mission to empower patients and healthcare professionals more critical than ever. Egypt has 15 million diabetics alone (20% of adults) with KSA having 7 million (30% of adults). Adding those suffering from pre-diabetes and obesity makes the problem even more endemic yet is largely preventable by lifestyle management and monitoring.
Noha Khater, co-founder and CEO of Almouneer, said: “We are very excited to announce this round—an important achievement and milestone in our journey. Over the past year, we managed to grow our team and successfully build DRU. This round will now catapult us into the next phase of our business, helping us grow our team and talent further, invest in our technology, and broaden DRU’s provider network—inching us even closer to our vision. As we do, we’d like to extend our deepest gratitude to our investors—Noor Sweid and Said Murad from Global Ventures, Henry Engelhardt of Wrightwood Investments, and Proparco—for their belief in us and in our mission. We wouldn’t be here today had it not been for the unwavering support and championing of Cartier Women’s Initiative, INSEAD, Endeavor and our friends at Alliance Law Firm.”
Noor Sweid, Founder and Managing Partner of Global Ventures, commented: “We are thrilled to welcome Almouneer to the Global Ventures portfolio and lead the company’s seed round. Over the years, we have had the privilege of working with a stellar group of healthcare entrepreneurs who are materially improving the lives of patients worldwide, enhancing access, quality and cost of care. Noha and Rania are now part of this group. We are excited to work alongside them as they leverage their specialized expertise across business-building and chronic care to tackle a prevalent health issue across the Middle East and Africa. On its mission to become the lifelong companion of diabetic patients in the region, Almouneer is a unique and necessary innovation.”
Henry Engelhardt, of Wrightwood Investments commented: “The work Almouneer does is truly valuable to the ever-growing diabetic community in Egypt and beyond. Noha Khater and Rania Kadry, its two leaders, are truly exceptional, talented people, driven to make a positive difference to so many people’s lives. Wrightwood Investments [the family office of Diane & Henry Engelhardt] is proud to be an investor and part of the Almouneer family.”
Fabrice Perez, Head of VC Division at Proparco, said: “Almouneer is dedicated to fostering innovation and industry disruption through its array of digital services for patients and clinic networks. This objective strongly aligns with the goals of both Proparco and Digital Africa.”
Babacar Seck, CEO of Digital Africa, commented: “Digital Africa welcomes Almouneer to the Bridge Fund portfolio with great enthusiasm, as we are investing in a strategic, high-impact sector. We are delighted to contribute to Noha and her teams, and behind them all the patients for who Almouneer simplifies life.”
