Recently, the global health sector has witnessed tremendous digital growth, more significantly as a result of pandemic concerns, however, Africa like other continents is believed to be lagging behind when it comes to venture capital inflow in this sphere. In view of this, startup Bypa-ss which focuses on health tech products has taken the bull by the horn and is today announcing that it has secured $1 million in pre-seed funding from notable investors.
As a result, it’s worth noting that investors have rather paid attention to just a few innovative health tech startups, which saw funding in the region of over $77 million across 56 deals in 2020. Equally, it’s been observed that Egypt is a bright spot when it comes to the continent of Africa, equally because she is an integral contributor to health tech market value in MENA, estimated to reach up to $2 billion by 2024.
Over the years, it’s believed efforts were made by a number of companies such as Chefaa, Vezeeta, and Yodawy with regards to this sphere as they thrive to offer diagnostics, telemedicine, and pharmaceutical products, however, newer companies are believed to be on verge of leaving their footprints in entirely different areas.
This appears to be Bypa-ss approach, yet a health tech company that deals with health information exchange. And have today announced the subject fundraised from investors like Magic Fund, Launch Africa, Acuity Ventures, Plug and Play, in addition to other regional and foreign VCs, ClinchBase has learned from a source familiar with the matter.
The subject startup Bypa-ss was founded in 2019 by chief executive ‘Andrew Saad’. Which is believed the whole idea all started while the CEO was still a medical student, during which, Saad met an older woman that was sick and needed treatment. Ordinarily, hospitals are meant to administer drugs after running some tests while referencing the patient’s medical history. While in this scenario, neither the hospital nor the woman had her medical history at that point. Based on this, the medical team was conflicted with the option of whether to administer medicine or not.
Further on this, Saad also encountered similar situations, which prompted him to do some academic research regarding patients’ data and electronic health records. Which formed the foundation of Bypa-ss
Eventually, the CEO started the Bypa-ss in Shebin EI Kom, Menofia, before the company scaled to five other cities across Egypt in 2020. As such, the company uses its product known as HealthTag for hospitals, patients, and physicians services. Of which, healthTag is used by hospitals and physicians to provide an integrated system for clinic management to track patients’ cases that have been stored by Bypa-ss, notably after collating medical records from different healthcare providers.
Moreover, the subject product HealthTag is used by users as a mobile application and physical card. With these, patients own and manage their health records in one place, and also pay for medical services online. Should you desire a 70% discount from healthcare providers in Egypt! Receiving prescriptions and lab scans while paying out of pocket is rather your sure bet.
“We are aggregating and giving patients ownership of their health records while giving doctors and healthcare providers visibility on the patient’s full history, allowing people-centric digital health information exchange as first of its kind in Egypt and North Africa”, Bypa-ss stated.
The CEO says the company will use the latest fundraise to scale up its growth in Egypt. “With this investment coming in, we will be able to avail more features to our customers while maintaining our service level and growth momentum. Additionally, the company intends to use the funds to fuel expansion, perfect a high-end tech mobile app for patients to engulf and facilitate the information exchange between the Stakeholders from different levels and capitalize on the company’s rapid growth”.
Prior to this development, Bypa-ss had raised $150,000 in an angel round, bringing Bypa-ss’s total investment to $1.15 million. Hence, Plug and Play said in a statement, “We are beyond excited to invest in Bypa-ss! We are confident that Andrew and his team will build the future of health information infrastructure in Egypt, and we are glad to be part of it”.
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