MedIQ, a health technology startup founded by a Pakistani woman, has raised $6 million in a Series A funding round.
Rasmal Ventures (Qatar) and Joa Capital (Saudi Arabia) spearheaded this latest investment, with guidance from MedIQ’s existing buyers.
Founded in 2020 by Dr. Saira Siddique, a physician-turned-health economist, MedIQ was born out of a deeply personal health crisis that left her paralyzed and hospital-bound for over a year. Her firsthand experience of Pakistan’s disjointed and inefficient healthcare system has become the catalyst for launching MedIQ.
MedIQ’s boom includes broadening its technological reach and the growth of a completely unique, proprietary B2B and B2B2C ‘digitally integrated hybrid healthcare environment’ to help the fast modernization of the world consistent with Vision 2030’s goals to transform healthcare performance and accessibility.
This includes AI-driven digitization of healthcare centers and back-office operations of insurance organizations to provide a digitally supported, seamless, patient-centered experience for increased patient satisfaction.
This will be observed by the growth of Qatar and neighboring GCC nations.
With a vision to come to be the operating device for healthcare in the MENAP region, MedIQ had previously raised USD 3.8 M in seed and bridge rounds to construct its foundation in Pakistan, expand to serve more than 10M customers, and grow to be EBITDA positive.
With learnings from implementation in Pakistan, a world-class tested tech stack, subject matter information, and on-the-ground presence in Saudi Arabia, MedIQ won strong traction, certainly indicating the product-market match not only for KSA but also for similar GCC nations. Raising $6 million in new funds, MedIQ is committed to capitalizing on the fast-growing Saudi Arabia’s economy and different new economies in the GCC.
Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique, MedIQ pursues becoming the “operating device” for healthcare in the MENA region, handing over extra cost performance, accountability, and convenience via technology.
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MedIQ emerged from a personal health crisis faced by Dr. Saira Siddique, who endured paralysis and spent over a year in the hospital. Throughout this period, she encountered firsthand the fragmented and difficult-to-navigate aspects of Pakistan’s healthcare system. This experience motivated her to launch MedIQ, aiming to establish a cohesive, integrated, and digitally enhanced healthcare environment.
“People don’t just suffer from illnesses — they suffer from the system,” stated Dr. Siddique. “MedIQ isn’t just another health app. We’re constructing the backbone of digital healthcare — a scalable infrastructure that improves results and reduces costs.
Since 2020, MedIQ has been offering an end-to-end digital infrastructure: EHR, telehealth, e-pharmacy, RCM, and AI decision support, used by providers, insurers, and governments.
The employer has raised a total of US$ 9.8 million, entered Saudi Arabia in 2023, and employs 180 people throughout Islamabad and Riyadh.
Partner at Rasmal Ventures Soumaya Ben Beya Dridje stated,
MedIQ’s ambitious vision to transform healthcare delivery across the Middle East and beyond deeply resonates with us. Led by Dr. Saira, their mission-driven, execution-focused group exemplifies the type of ambition and innovation we’re eager to support.
Our investment, along with Joa Capital, reflects our commitment to advancing fitness tech solutions that redefine traditional healthcare models. By backing startups like MedIQ, we propose to accelerate digital transformation and strengthen the GCC and regional healthcare surroundings.