DASH Ventures-backed Altibbi raises $44M Series B and aims for IPO

The company plans to use the new cash to expand its platform into the online pharmacy and diagnostic collection spaces.

Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business.

The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals, Hikma Ventures, as well as existing investors Global Ventures and DASH Ventures.

“Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC,” Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.

Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.

Foundation Holdings senior advisor Jason Kothari will join Altibbi’s board, which includes DASH Ventures Managing Partner Omar J. Sati.