Egypt-based CheckMe acquires a majority stake in DoctorOnline
Egypt-based healthtech platform CheckMe has acquired a majority stake in DoctorOnline, a telemedicine platform.
Egypt-based healthtech platform has acquired a majority stake in DoctorOnline, a telemedicine platform.
Mergers and acquisitions (M&A) advisory firm Exists.Me facilitated the acquisition. With this, CheckMe's valuation has reached $20 million.
According to a press release shared by Wamda, healthtech companies in the Middle East and North Africa (MENA) region have reached a combined value of $1.5 billion—which marks a 22X increase since 2016.
Dr Nesma El Talawy, CEO of CheckMe, said that the acquisition is in line with the company's expansion plans.
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"According to McKinsey Global Institute, the costs saved by healthtech to the healthcare sector could lie between $1.5 trillion and $3 trillion a year by 2030, which makes acquisitions like this pivotal in its economic impact in the region," he added.
The Egyptian government is working on a strategic plan for 2030 for public healthcare. Healthtech will play a key role, placing startups in the sector at the heart of future growth, added the release.
Founded in 2020, CheckMe is a customer-centric marketplace mobile application. It provides on-demand medical lab services through multiple lab partners. DoctorOnline is a virtual clinic mobile application. It provides access to doctors in all medical specialities, via video calls.
With this acquisition, CheckMe aims to provide better diagnostics and primary care physicians to its patients. The larger goal is to facilitate the patient healthcare journey via the provision of on-demand diagnostics and telemedicine by qualified experts, avail patient navigators, and primary care physicians communications.
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