US$250 million iGan Arabia fund to drive MedTech innovation in MENA
Canadian healthcare technology investors, iGan Partners, has joined forces with Faisal Belhoul, an entrepreneur and a founder of Ithmar Capital, to launch a US$250 million iGan Arabia regional fund to drive MedTech innovation across the Middle East and North Africa (MENA) region.
iGan Arabia will focus on investing in AI and cloud-enhanced medical devices and digital health technologies that will improve patient outcomes and reduce the cost of healthcare. The fund targets US$250 million through limited partnerships with an additional US$250 million in co-investments. This was announced during Arab Health 2022.
The first four initial investments have been identified to drive breakthrough MedTech in the region. These are Exact Imaging, the world’s first micro-ultrasound for unmatched resolution of prostate cancer; Okadoc, the region’s most advanced digital patient management solution; eSight Corporation, wearable electronic vision devices for legally blind people challenged by various eye diseases; and MolecuLight, the world’s first handheld imaging device that enables clinicians to visualize bacteria in real-time for advanced wound care. All these companies already have regulatory approval and are scaling world-wide.
Healthcare spending in the region, particularly in the GCC states, is projected to grow to US$89 billion in 2022, according to a report by KPMG, while many countries across MENA face severe strain on their healthcare systems, some particularly overcrowded and weak, as per the Organisation for Economic Cooperation and Development (OECD). The COVID-19 pandemic has added to the stress of efficient healthcare delivery.
Sam Ifergan, Founder & CEO, iGan Partners, said: “We see the GCC as a rapidly transformative region, particularly in the healthcare sector. We have identified and uncovered several innovative opportunities across Digital Health, Connected Medical Devices, Healthcare IT and Artificial Intelligence. These are sectors that iGan brings a lot of expertise and we understand what it takes for companies to scale and succeed. Through this first of its kind Fund, we are looking forward to working with local investors, healthcare groups and government agencies in establishing the UAE as a leading healthcare innovation hub.”
Faisal Belhoul, Co-Chairman, iGan Arabia, added, “Over the years, my focus has been on investing in education and healthcare, two core sectors that are at the heart of the region’s transformation. Through iGan Arabia, we aim to invest in start-ups and other healthcare companies, especially in the GCC, and help them evolve as the best-in-class. We will support not only their operations in the region but also help scale up their operations to key markets in North America, Europe, and LATAM. iGan Arabia will help establish GCC as a world-class MedTech hub that will create thousands of new jobs and add value to the economy.”
iGan Arabia will help catalyse a vibrant MedTech ecosystem in the region spurring innovation and driving the emergence of new startups in the sector. Young innovators and healthcare practitioners can benefit from the fund in realizing their tech-entrepreneurial aspirations.