MedIQ, a Pakistan-based startup, has raised $6 million in a Series A funding round led by Rasmal Ventures and Joa Capital. Founded in 2020 by Dr. Saira Siddique, the company provides end-to-end digital healthcare solutions for businesses, including hospitals, insurers, and government agencies. Its offerings include Electronic Health Records (EHR), revenue cycle management, telehealth, e-pharmacy, and AI-powered decision support.
Dr. Siddique, a doctor and entrepreneur, founded MedIQ after experiencing Pakistan’s “fragmented and inaccessible” healthcare system firsthand. She emphasized, “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare – a scalable infrastructure that improves outcomes and reduces costs.”
MedIQ plans to use its newly raised funds to further expand in Saudi Arabia, where the health technology market is valued at SR 7.2 billion ($1.9 billion). The startup entered Saudi Arabia in 2023 with a mission to support the kingdom’s Vision 2030 initiative to transform healthcare by providing digital solutions for healthcare facilities and insurance companies’ back-office operations. The funds will also be used to support MedIQ’s expansion into Qatar and other Gulf states.
This latest funding round brings MedIQ’s total investment to $9.8 million. The startup joins other women-founded health tech ventures from Pakistan, like Sehat Kahani, which secured $2.7 million in Series A funding in 2023. In addition, companies like Ailaaj and Marham have gained seed funding to expand across Pakistan. Other digital health companies, such as Beamtree from Australia and Orion Health from New Zealand, are also expanding in Saudi Arabia, with projects aimed at enhancing the kingdom’s healthcare system.
