Finance

Egypt: Sotech raises $1mln to expand operations in North Africa

Tuesday, 21 September 2021 15:52
Egypt: Sotech raises $1mln to expand operations in North Africa

(Ecofin Agency) - Egyptian health technology company Sotech has secured $1 million in pre-seed funding in a round led by Innlife Investments and Al Raya Kuwaiti. The startup, which works with more than 200 clinics in the medical field in Cairo, plans to expand its operations in the Middle East and North Africa (Mena) region over the next few years.

Incorporated in 2019, Sotech has built an app that allows clinics to better understand the flow and demographics of their visitors.

“SoTech started in 2019, in the evolution of 5G and IoT. We started a simple idea aiming to transform the “Out of Home” advertising to be traceable through a simple set of software solutions; by offering a venue management system for hospitals and clinics – as it’s the most significant under-served industry for digital transformation to support managing their businesses.” the company said.

This fundraising by a healthcare technology company in Egypt reflects the interest of investors in this industry in the North African country. Although the amounts committed are still small, the sector seems attractive and profitable.

African technology companies overall have attracted increasing interest from investors over the first nine months of the current year.

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