medIQ, launched by Dr Saira Siddique in July 2020, revealed that it has raised $1.8 million in early-stage finance, continuing the fund-raising frenzy of Pakistani entrepreneurs.
The financing was headed by Amaana Capital of the United States and Cordoba Ventures (CorVCF), which focuses on the Middle East and Pakistan.
The financing included participation from the US-based early-stage Seraph Group, TAJDEED, a syndicate of notable physicians from the All-Pakistani Physicians of North American Descent Association, House of Habib, and leading health tech angel investors from Silicon Valley.
According to medIQ, it is both Amaana Capital and Seraph Group’s first direct investment in a Pakistani firm.
The startup, which connects users with healthcare providers, claims to be Pakistan’s first full B2B virtual care platform, offering everything a company or insurer needs to give virtual care to its customers.
“In just 18 months, medIQ has served more than 300,000 patients,” said Dr Saira Siddique, founder and CEO, pointing to the need for virtual healthcare. “The hospitals have an average waiting time of 90 minutes for a consultation and only 2.5 minutes are spent on the actual consultation. Close to 90% of the patients can be easily treated at the point of need without a visit to hospital.”
“medIQ is playing a critical role in redefining digital healthcare services in Pakistan,” said Dr Saira. “An integrated digital platform is now an essential tool to deliver a more efficient model of healthcare.”
Since last year, when it garnered a record sum of roughly $350 million in 81 agreements, Pakistan has been seized by a fundraising fever.