27 Jul 2024
CAIRO: Startups from across the region and beyond have set a clear path for Saudi expansion after completing successful funding rounds.
UK-based healthtech startup Bioniq is set to leverage its latest $15 million series B funding round to bolster its presence in Saudi Arabia.
With a current valuation of $75 million, Bioniq aims to make its personalized supplements based on blood test data and patented algorithms available in key cities in Saudi Arabia as a significant portion of the funding is allocated for the Middle East region.
“Saudi Arabia is an absolute focus as is the further integration and localization of our offerings,” Vadim Fedotov, CEO and co-founder of Bioniq, told Arab News.
“Our strategic partnership with Al Borg Diagnostics is pivotal in this effort, enabling us to enhance our reach nationwide and deliver tailored health solutions to the local population,” he added.
The partnership with Al Borg, a provider of diagnostic health services in the Kingdom, made Bioniq’s blood test panel available in 28 Saudi cities.
The company plans to embed its solutions within athletic organizations and explore collaborations with governmental health initiatives.
“Additionally, we have further integrations in the pipeline with Saudi Arabia’s leading medical institutions and medical insurance providers,” he added.
Bioniq’s expansion in the Middle East does not stop at Saudi Arabia. The company aims to solidify its position as the leading premium personalized supplement brand across the region.
“Given the dynamic growth of the region, especially in the health and wellbeing sector, a significant portion of our recent funding round will be dedicated to our Middle East expansion including strengthening our local office,” Fedotov said.