Mubasher: Saudi health insurance company Bupa Arabia has invested in the second fund of Global Ventures, the UAE-based venture capital (VC) firm, according to a press release on Wednesday.
Bupa Arabia will be taking part in Global Ventures Fund II as a strategic partner, endorsing the regional healthcare ecosystem as well as in Saudi Arabia in particular.
The Saudi company recently obtained regulatory nods to set up Bupa Arabia Ventures, in a bid to expand the company’s investment portfolio in tech firms.
The UAE’s Global Ventures Fund II is focused on technology companies that address essential needs and demands in recently accelerated industries.
It is worth noting that Global Ventures has invested in 44 enterprises across 10 markets until the present time, using capital from its two funds.
Founder and General Partner of Global Ventures, Noor Sweid, said: “Global Ventures’ Fund I has been a great success, and we are delighted to welcome Bupa Arabia to Fund II, and also join us in a deeper, strategic partnership.”
She added: “Bupa Arabia shares our outlook and ambition on the Digital Health sector, and its potential for technology and innovation to deliver long-term economic benefits particularly in emerging markets.”
In a previous interview with Mubasher, Sweid remarked: “We expect healthcare stakeholders across the value chain to leverage these technologies to dramatically improve access, quality, and cost of healthcare.”
