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Wed 31 Jul 2019 10:24 AM

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Saudi PIF to invest in UK provider Babylon Health - report

Funding believed to be for Middle East, China and US expansion plans

Saudi PIF to invest in UK provider Babylon Health - report
Babylon Health, founded by British-Iranian entrepreneur Ali Parsa

Saudi Arabia’s Public Investment Fund is set to invest in the United Kingdom’s National Health Service (NHS) provider Babylon Health, according to the Financial Times.

Babylon Health, founded by British-Iranian entrepreneur Ali Parsa, provides remote consultations with doctors and healthcare professionals via text and video messaging through its mobile application.

The subscription private healthcare services opened in the UK in 2013 and has since expanded internationally to Rwanda, Canada and China.

Babylon is currently raising capital to expand into North America, China and the Middle East.

The late-stage discussions with Saudi Arabia's sovereign wealth fund could result in it leading new funding round that is set to be announced next week, according to a report by the Financial Times.

Last year, Parsa said the team was “working hard to take Babylon global as fast as we can”.

Matt Hancock, Britain's former health secretary, controversially described Babylon's services as “revolutionary” and a much-needed change to the healthcare system.

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