Saudi-based B2B medical rehabilitation manufacturing startup HealTec, has successfully raised USD 1.2 million in its inaugural funding round. The seed round is led by Nour Nouf Ventures (NNV), a Saudi-based family office, and facilitated by Chrome Advisory, a leading Saudi venture capital advisory firm, who advised on structuring and arrangement.
Co-founded in 2020 by Dr. Hashim AlZain and Eng. Ayman Noori, HealTec is a dedicated B2B healthcare rehabilitation manufacturing facility that enables the local production of medical prosthetics and other devices to serve Long-Term Care and rehabilitation patients. Saudi Arabia lacks facilities to manufacture prosthetics and other medical devices locally, and hence rehabilitation patients and amputees have to suffer through long waiting periods and sometimes prohibitive costs for such devices to be manufactured abroad.
“The best businesses are the ones that are driven by a deep desire to elevate local pains and struggles, and that’s the genesis of HealTec,” says Dr. AlZain, a serial entrepreneur who previously co-founded DarTec Engineering in 2012, a company specialized in localizing the manufacturing of spare parts using reverse engineering to serve the industrial sector; such as energy, desalination, petrochemical, and defense and backed by Sabic’s Nusaned Investment.
“Over the past 4 years, we have been receiving inquiries from the healthcare industry in rehabilitation and patent development and we’ve decided to give the healthcare industry our undivided attention. HealTec intends to become the first company in the market to offer a unique service to the healthcare industry by bridging the gap between where the Kingdom is currently at and where it aspires to be in terms of locally produced healthcare parts and devices,” says Dr. AlZain. “It wasn’t until a serendipitous meeting with the NNV team that I felt right about meeting the right partner to scale-up the company’s operation and extend its outreach,” he further adds.
“Investing in HealTec seemed a right fit for our impact investing strategy. Not only will we help localize a sector that has been heavily relying on imports, but we will also help rehabilitation patients and amputees get better quality products faster,” says Eng. Reda Isalm, CEO of NNV.
“Saudi family offices and corporate venture capital inventors have recently become influential players in the venture capital space. Their experience and connections will help startups scale and secure funding. Also, their presence will help pave the way for more frequent and meaningful exits,” adds Eng. Khalid Suleimani, Senior Partner at Chrome Advisory.
NourNouf Ventures is a family office focused on impact-driven investments. NNV aims to empower and help grow digital content in Saudi Arabia as well as transfer knowledge to the kingdom with a focus on both healthcare and education sectors. Its portfolio of venture assets includes Saudi-based teacher Training platform Aanaab, among others.
Chrome Advisory, based in Saudi Arabia and serving clients across the MENA region, is specialized in venture capital investment advisory and arranging services. Chrome Advisory works closely with VC funds, family offices, corporates and angel investors to scale growth stage startups.