iGan Partners, Canada's one of the leading healthcare technology investors, has joined Faisal Belhoul, a Dubai-based investments professional and entrepreneur, to launch a US$250mn 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/Cloud-enhanced medical devices and digital health technologies that will improve patient outcomes and reduce the cost of healthcare. Announced during Arab Health 2022, the fund targets US$250mn through limited partnerships with an additional US$250mn in co-investments.
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 visualise bacteria in real-time for advanced wound care.
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 and 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 will invest locally and will showcase the GCC’s healthcare innovations to the world. We are looking forward to working with local investors, healthcare groups and government agencies in establishing the UAE as a leading healthcare innovation hub.”
iGan Arabia will help catalyse a vibrant MedTech ecosystem in the region spurring innovation and driving the emergence of new startups in the sector.