First Pakistani Female-Founded Health Tech Startup Secures $6 Million in Series A Funding

MedIQ, a pioneering healthcare technology startup, has raised $6 million in a Series A funding round led by Rasmal Ventures (Qatar) and Joa Capital (Saudi Arabia), with strong follow-on investment from existing backers. Founded in Pakistan in 2020, MedIQ expanded to the Kingdom of Saudi Arabia in 2023, building momentum in healthcare across the region. The funding round is one of the largest in the history of the Kingdom’s health tech sector and will be used to fuel MedIQ’s further expansion across a market sector worth SAR 7.2 billion in Saudi Arabia alone. MedIQ’s growth includes broadening its technological reach and the expansion of a unique, proprietary B2B and B2B2C ‘Digitally Integrated hybrid healthcare Ecosystem’, which will support the rapid modernization of the sector in line with Vision 2030’s goals to transform healthcare efficiency and accessibility. This includes AI-driven digitization of healthcare facilities and back-office operations of insurance companies to provide a digitally supported seamless patient-centred experience for improved patient satisfaction. This shall be followed by the expansion to Qatar and neighbouring GCC countries. With a vision to become the operating system for healthcare in the MENAP region, MedIQ had previously raised USD 3.8 M in seed and bridge rounds to build its foundation in Pakistan, expand to serve more than 10M customers, and become EBIDTA positive. With learnings from implementation in Pakistan, world-class tested tech stack, subject matter expertise, and on-ground presence in Saudi Arabia, MedIQ gained strong traction, clearly indicating the product market fit not only for KSA but similar GCC countries. Raising $6 million in new funds, MedIQ is committed to capitalizing on the fast-growing Saudi Arabia’s economy and other New Economies in the GCC. Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique, MedIQ aims to become the “operating system” for healthcare in the MENA region, delivering greater cost efficiency, accountability, and convenience through technology. MedIQ was born out of a personal health crisis experienced by Dr. Saira Siddique, who was left paralyzed and hospitalized for over a year. During this time, she experienced firsthand the fragmented and inaccessible nature of Pakistan’s healthcare system. This journey led her to launch MedIQ, with the goal of creating a coherent, interconnected, and digitally enabled healthcare ecosystem. “People don’t just suffer from illnesses — they suffer from the system,” said Dr. Siddique. “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare — a scalable infrastructure that improves outcomes and reduces costs. It started with a simple idea: what if healthcare worked like any modern service — connected, convenient, and patient-first?” CEO of Joa Capital Yousef AlYousefi said, Since 2020, MedIQ has been providing an end-to-end digital infrastructure: EHR, telehealth, e-pharmacy, RCM, and AI decision support, used by providers, insurers, and governments. The company has raised a total of US $9.8 million, entered Saudi Arabia in 2023, and employs 180 people across Islamabad and Riyadh. Partner at Rasmal Ventures Soumaya Ben Beya Dridje said,