MedIQ Secures $6M in Series A Funding for Expansion

Deal News | Apr 30, 2025 | Zawya

MedIQ, a healthcare technology startup founded by Dr. Saira Siddique in Pakistan, has secured $6 million in Series A funding. This round was led by Rasmal Ventures of Qatar and Joa Capital of Saudi Arabia, with contributions from previous investors. MedIQ, which entered the Saudi Arabian market in 2023, aims to use the capital to expand its operations within the GCC region, particularly leveraging Saudi Arabia's SAR 7.2 billion health tech market. The company focuses on creating a digitally integrated healthcare ecosystem, aligning with Saudi Arabia's Vision 2030 for improved healthcare efficiency. Since its inception in 2020, MedIQ has raised a total of $9.8 million and intends to offer a digitally enhanced, patient-centric healthcare experience to overcome the existing systemic challenges in the region's health sector. This funding will also enable the expansion towards Qatar and neighboring GCC countries. Dr. Siddique, driven by personal experiences with inadequate healthcare, aspires to establish MedIQ as the healthcare operating system for the MENAP region, emphasizing technology for cost efficiency and improved patient outcomes.

Sectors

Healthcare Technology
Private Equity and Venture Capital

Geography

Pakistan – MedIQ was founded in Pakistan and initially built its foundation and developed its technology there.
Saudi Arabia – MedIQ expanded to Saudi Arabia in 2023 and targets the country's significant health tech market with its digital healthcare solutions.
Qatar – Rasmal Ventures, a key investor in the Series A round, is based in Qatar, and MedIQ plans to expand operations there.
GCC – MedIQ aims to expand its reach to GCC countries, enhancing the healthcare ecosystem in these regions.

Industry

Healthcare Technology – MedIQ operates in the healthcare technology sector, offering digital healthcare solutions such as EHR, telehealth, e-pharmacy, and AI decision support.
Private Equity and Venture Capital – The article discusses venture capital investments led by Rasmal Ventures and Joa Capital, highlighting funding activity in the health tech industry.

Financials

$6 million – Series A funding raised by MedIQ.
$9.8 million – Total funding raised by MedIQ since inception.
SAR 7.2 billion – Size of the health tech market in Saudi Arabia, which MedIQ aims to penetrate.
USD 3.8 million – Amount raised in seed and bridge rounds by MedIQ.

Participants

Name	Role	Type	Description
MedIQ	Target Company	Company	A healthcare technology startup founded in 2020 by Dr. Saira Siddique, focusing on digital healthcare solutions.
Rasmal Ventures	Lead Investor	Company	Qatari venture capital firm leading the Series A funding round for MedIQ.
Joa Capital	Lead Investor	Company	Saudi Arabian investment firm co-leading the Series A funding round for MedIQ.
Dr. Saira Siddique	Founder	Person	Founder of MedIQ and healthcare economist, inspired by personal health experiences to create an improved healthcare ecosystem.