UAE-Based Wellx Secures $2M Seed Funding To Accelerate Growth And Technological Innovation

Wellx, the UAE-based InsurTech platform focused on health and wellness, has completed a $2 million seed funding round to fuel its growth and innovation in new technologies.

Fuelling expansion

The investment, led by the Dubai Future District Fund, will enable the startup to promote regional growth, drive technological innovation, and create healthier, happier, and more resilient communities.

The round witnessed participation from MENA-focused DASH Ventures, Annex Investments and Saudi Arabia-based 500 Global and Sanabil Investments, as well as international VC’s, including Aditum Investments, Loyal VC, and Plug and Play Ventures, in addition to angel investors with significant experience in the healthcare sector.

This fundraising will fuel Wellx's growth, enabling continued innovation in new technologies like AI coaching, intuitive design, and emerging tech. Wellx aims to disrupt the insurance industry and offer personalized insurance experiences.

"The funding empowers us to accelerate our growth plans and expand our customer base across the region," said Vaibhav Kashyap, co-founder and CEO of Wellx.

Wellx's expansion plans include attracting global talent into the region, developing new functionality, and innovative experiences for its customers.

Wellx, co-founded by Kashyap, Javed Akberali, and Dr. Anushka Patchava, offers embedded behavioral science and gamification directly to the consumer.

The platform allows users to set individual fitness goals for themselves and awards them with cashback on their insurance premiums as well as cash vouchers from its different partners If they achieved these fitness goals.

Wellx currently serves over 15000 insured members and has partnerships with incurance companies such as Dubai National Insurance and Salama and National Life in addition to wellness players including WHOOP, Fitbit and FittMeals.

MENA growth

Due to the increasing population, the healthcare market in the Middle East and North Africa (MENA) region is expected to grow significantly in the upcoming years. This growth will include the establishment of new hospitals, clinics, health research centers, and digital health services.

According to Fitch Solutions, the MENA healthcare market is projected to reach $243.6 billion in 2023, growing at a compound annual growth rate (CAGR) of 11.7%, a substantial increase from $185.5 billion in 2019.

Recently startups in the healthcare market raised significant amounts of capital. In July, the UAE-based direct-to-patient digital healthcare company Alma Health raised $10 million in a Series A funding round co-led by Knuru Capital and Hambro Perks Oryx Fund.

In March, Saudi Arabia's healthcare technology startup Aumet raised $7 million from global venture capital and private equity firms in a Pre-Series A funding round.

In February, Egypt-based online healthcare startup Yodawy raised $16 million in a Series B funding round co-led by Delivery Hero Ventures and Global Ventures, bringing its total funding