Pakistan’s health tech startup medIQ raises $1.8m

KARACHI: medIQ, a health-tech firm, has secured $1.8 million in a pre-seed round, according to CEO and founder Dr. Saira Siddique.

Amaana Capital, located in the United States, and Cordoba Ventures, based in the Middle East and Pakistan, led the investment. The fundraising round included Seraph Group, a US-based early-stage investor, House of Habib,, and Tajdeed, a syndicate of notable doctors from the Association of Physicians of Pakistani Descent of North America.

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medIQ is the first integrated business-to-business platform in the country, offering services that a corporation or insurer needs to provide virtual care to its members. Individual clients, both urban and rural, are also served by directly linking them to healthcare professionals.

medIQ offers a plug-and-play technological stack, as well as an online pharmacy and laboratory network backed by general practitioners, specialists from 32 specialties, nursing personnel, and homecare teams. It combines medical information into a single profile in a secure electronic record system, allowing for data exchange and analytics for AI and machine learning applications.

Thanks to the onboarding of 12 life and health insurance providers, the business has already amassed a customer base of 10 million individuals, she added. In the first 18 months of the company's operation, up to 300,000 people have gotten treatment.

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"Every day, we treat 1,000 customers." Within a few years, we want to reach 8,000 clients each day. She said, "We also intend to grow geographically to 20 locations from the present seven cities."

Female-founded firms in Pakistan face impediments to finance, according to the Pakistan Startup Ecosystem Report 2021, issued last month. According to the survey, female-founded firms accounted for only 1.4 percent of all investments raised in the previous seven years.