EGYPT – Cairo-based healthtech platform, Estshara, has raised US$500,000 in a Seed funding round aimed at helping the startup to expand operations.
Estshara plans to use its new funding to grow its current user base to six million by the end of the 2021, by providing extra offerings and customer care activities.
“The investment will help us scale our organization with exceptional talent and enhanced resources, as well as further increase our marketing and sales outreach to support our focused go-to-market strategy and achieve our expansion goals,” Founder and CEO of Estshara, Dr. Amin Elhemaily said.
The startup also plans to expand its customer care activities and enhance the quality of resources available on the platform, especially given this pivotal time for telehealth in the era of COVID-19 and beyond.
Founded in 2018, Estshara is an online platform providing health consultations and tele-pharmacy services to over two million users, with a track record of more than 200,000 consultations to date.
Through its seamless application, the startup provides patients with medical consultations from family physicians. Estshara facilitates easy, efficient, and remote 24/7 access to doctors within 15 mins through chat and voice or video calls.
Estshara has been especially helpful for patients since the beginning of the pandemic, with the increasing need and preference for remote digital solutions like Estshara.
By the end of 2021, Estshara is looking to be providing consultations from specialty doctors including pediatricians, dermatologists, gynecologists, psychiatrists, and nutritionists.
Egypt Ventures believes in the startup’s potential to make its mark on the health-tech market. “We are excited to see this promising health-tech player, Estshara, contributing to digital transformation and financial inclusion in the Egyptian market,” said Ahmed Gomaa, Chairman & CEO of Egypt Ventures.
The Global HealthTech Market will grow to US$ 456.85 Mn by 2028 at 19% CAGR- says Absolute Markets Insights. The market was valued at US$ 96.11 Bn in 2019 whereas the Digital Health Market size exceeded USD 141.8 billion in 2020 and is estimated to grow at over 17.4% between 2021 and 2027.
According to a report published this March by Quartz Africa, the Africa HealthTech market is booming, thanks to the increased opportunities presented by the Covid-19 pandemic.
HealthTech investment reached US$106.7 million in 2020, across 62 funding rounds, and represented 12% of all disclosed investment rounds.
Over the last 12 months, the number of HealthTech deals has reached just over US$77 million over 56 funding rounds. With much of this attributed to a single raise closed by LifeQ a South Africa founded biometrics company now based in United States of America.
In 2021, there has been a total of US$61.982 million USD raised by HealthTech companies across a total of 15 deals.