The investment of IFC is a part of their efforts to help startups and entrepreneurs create new markets by supporting them and giving them financial access. This came after IFC selected 100 startups from across the continent. This is to conduct the event Next Startups initiative.
“Startups like Vezeeta have the power to drive innovation in the Middle East and Africa,” said IFC CEO Philippe Le Houérou. “Entrepreneurs across the African continent have enormous creativity and drive – and they’re using the most formidable social and economic challenges.”
International Finance Corporation is a private equity and venture capital arm of The World Bank Group specializing in startups, mid venture, late venture, early stage, late-stage and growth stage companies. It provides growth and expansion capital, housing finance, mezzanine finance, leasing, microfinance, rehabilitation, SME banking, agriculture finance, insurance, debt and asset recovery, financial restructuring and rehabilitation, acquisition financing, and debt refinancing, loans, equity, quasi-equity, trade & supply chain finance.
Founded initially in 2012 and relaunched in 2015, Vezeeta is one of the largest e-health tech startups out there. Vezeeta gives the customers the power to decide which doctor to go to based on their choices and different criteria.Post the visit, patients also have the ability to add reviews about their experience and any additional remarks and comments they might want to communicate with the public. “When you go to a medical institution, you stop being a consumer and start becoming a patient. Why is that? Because you’re not empowered,” Barsoum underlines, “Whatever happens in this room is not your decision. It is somebody else deciding on your behalf, because you do not have enough knowledge and information to help you at least participate in the decision.”
This means that the patients have to investing more time to understand their condition now that they have access to this information. “So, now we are asking patients to do more work,” Barsoum says.
“Investing in health tech will help all the stakeholders involved in the industry, because for example with Vezeeta, we collect the data from the patients and their conditions, and grouped all doctors in one platform as well as provide transparency between all parties.”
Source: Egyptian Streets