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Endeavor Catalyst concluded its first investment in Egypt contributing USD$500,000 to online healthcare booking platform Vezeeta.
Led by Endeavor Egypt Entrepreneur Amir Barsoum, Vezeeta is a leader in digital healthcare solutions. The success of Vezeeta’s technology comes from its ability to address real, major problems patients face when trying to access doctors in Egypt and across the region. In April 2017, Vezeeta announced the expansion of its online booking platform beyond Egypt and into Jordan and Lebanon, positioning it as a major regional player helping to connect thousands more patients to healthcare practitioners through fast, around-the-clock, online appointment booking.
“We are very excited to have Endeavor Catalyst on board with us,” said Amir Barsoum, CEO & cofounder of Vezeeta. “Their vast strategic experience and global network is significant and will help us to rapidly build and further scale our operations regionally as we continue our venture into new MEA markets.”
Alongside Endeavor Catalyst, Jordan’s Silicon Badia, Sweden’s Vostok New Ventures and Cyprus’ Vulkan Equity Limited have also invested additional funds.
Following the company’s Series B investment round in September 2016, in which it raised $5 million in investments from Silicon Badia, Vostok New Ventures, UAE’s BECO Capital and Egypt’s Science and Technology Fund, Vezeeta has now raised a total of $10.5 million in investment.
“With its 50+ investments made in 17 countries, and its promising track record, today’s news sends a clear signal and vote of confidence in Egypt’s entrepreneurial potential,” Mohamed Rahmy, managing director of Endeavor Egypt, said. “I’m confident of the synergies Catalyst will bring to Vezeeta’s very exciting regional scale-up journey.”
The introduction of Catalyst in 2012, the rules-based co-investment fund of Endeavor set up to invest exclusively in Endeavor Entrepreneur-led companies, has been a major driving force of support for the network’s high-impact entrepreneurs, turbo-charging their journey from startup to scale-up. To date, Endeavor Catalyst has invested in more than 50 Endeavor companies across 18 countries.
“I’m thrilled to be making our first investment in Egypt, and look forward to many more in the future,” commented Endeavor Catalyst Managing Director Allen Taylor.
Read Vezeeta’s press release of the funding via Wamda here.
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into more than 50 Endeavor companies in 18 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.
Learn more about Endeavor Catalyst by clicking here.
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