In what the largest announced seed financing round for a MENA-based mental health startup, Egypt-based O7 Therapy has raised $2.1 million.
The funding was led by Hikma Ventures, the venture capital arm of multinational company Hikma Pharmaceuticals PLC, with participation from C-Ventures, Lotus Ventures, and several prominent angel investors.
“We are excited to be part of a unified effort to revolutionise mental healthcare and therapy to Arabic speakers across the globe. We believe that Hikma will play an integral role in destigmatising the topic and help in providing access to a larger number of people across the region” said Hamzeh Abdul-Hadi, Principal at Hikma Ventures.
“Covid-19 has both accelerated the adoption of digital health services and tragically made them more necessary than ever, with increases in a range of mental health issues including loneliness, stress, anxiety, burnout, and beyond. O7 Therapy’s platform is well-positioned to address these problems,” he continued.
O7 Therapy is an online platform that offers accessible therapy to Arabic speakers around the globe. It supports mental well-being, addresses mental disorders, and advocates for mental health and wellness for both individuals and corporations.
“We are happy to have Hikma join our mission to improve the lives of people. Mental health and wellness are of paramount importance,” said CEO and co-founder of O7 Therapy, Ashraf Bacheet.
“Everyone deserves convenient and, more importantly, trustworthy access to premium mental wellness services. This is what makes us do what we do,” he added.
Through its digital infrastructure, O7 Therapy has the capacity to connect patients with a set of ideal therapists who match each patient’s needs. The platform promptly directs clients through a journey of effectively addressing their difficulties, using evidence-based methodologies that meaningfully and powerfully enact growth towards mental wellness.
Last year, Jordan-based Hikma Pharmaceuticals said it hopes to make $500 to $600m in acquisitions to consolidate its position as a leading player in the Middle East and North Africa.
Its chief executive Said Darwazah said the fast growing multinational drug manufacturer was targeting various markets not penetrated yet in the MENA region, such as Morocco, Syria and beyond the Arab world to Turkey and further south in east and west Africa.
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