Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
Matches thesisConsumer, Healthcare & Life Sciences·Partner owner: Nadia Khalil
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Co-investor intro
Dr. Tariq Al TahirHead of Venture Investments, Mubadala Health · Mubadala Health
[email protected]Mar 28, 20269:30 AM
Reem — Mubadala Health is leading Sehteq's Series B and has reserved an allocation for Najm given your consumer digital mandate. Sehteq is the UAE's leading telehealth and digital pharmacy platform with 1.2M users, DHA licensing, and live insurance integrations with DAMAN and AXA. 2.2x YoY growth. I can arrange a call with Yasmine Al Masri (CEO) this week if you're interested.
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Executive summary
Sehteq is the UAE's leading digital health platform combining telehealth consultations, digital pharmacy, and chronic disease management. With 1.2 million registered users, DHA licensing, and live insurance integrations with DAMAN (UAE's largest insurer) and AXA Gulf, Sehteq has established a uniquely defensible position in the UAE healthcare ecosystem. Mubadala Health's strategic lead in this round validates Sehteq's alignment with Abu Dhabi's healthcare digitisation agenda. At $220M entry, Najm is acquiring a 2.2x-growth digital health platform at a compelling 7.3x FY2025 revenue with a clear path to insurance-reimbursed telehealth as the primary growth driver.
Company snapshot
- Business model
- Digital health platform monetising via: (1) telehealth consultation fees (AED 150–250 per session); (2) digital pharmacy margin (12–18% on prescriptions dispensed); (3) insurance B2B contracts (PMPM subscription for DAMAN-covered lives); (4) chronic disease management SaaS for corporates.
- Products
- Telehealth app (video/chat consultations) · Digital pharmacy (UAE next-day delivery) · Chronic disease management (diabetes, hypertension monitoring) · Corporate wellness platform · Sehteq for Insurers (B2B API integration)
- Geography + scale
- UAE (Abu Dhabi, Dubai — 95%) · Saudi Arabia (pilot, 5%)
- People
- Yasmine Al Masri (CEO & Co-Founder, ex-Cleveland Clinic Abu Dhabi, ex-McKinsey) · Dr. Faisal Hamdan (Chief Medical Officer, ex-SEHA) · Priya Nair (CTO, ex-Babylon Health)
Market
- TAM + growth
- UAE digital health market $4B by 2030 · MENA telehealth $11B by 2028 · UAE chronic disease management (35% population diabetic or pre-diabetic) structural demand driver
- Competitive set
- UAE: iSehha (telehealth, smaller), Aster Digital (hospital-backed), MyMedivic. MENA: Vezeeta (Egypt/Saudi), Doctoruna. Sehteq's DHA licence + DAMAN integration creates the deepest insurance reimbursement moat in the UAE market.
- Tailwinds
- UAE Health 2030 strategy · DHA telemedicine regulation formalised (2023) creating licensed market · UAE chronic disease epidemic (diabetes rate 19%) · COVID-accelerated consumer digital health adoption locked in
Financial profile
- Revenue
- FY2025A revenue AED 111M (~$30M) · DAMAN B2B contract AED 28M/year recurring
- Growth
- 2.2x YoY revenue · user base grew from 520K to 1.2M · prescription volume grew 180% · corporate wellness clients grew to 85
- Profitability
- Gross margin 61% (blended telehealth + pharmacy) · net loss AED 34M investing in KSA launch and chronic disease platform · contribution-positive on telehealth core
- Unit economics
- CAC $22/consumer · LTV $310 (36-month relationship) · DAMAN B2B contract $1.2M/year · NRR 124% on corporate clients
Deal structure
- Round size
- Series B $55M total · $30M Najm allocation
- Valuation
- $220M pre-money · 7.3x FY2025 revenue
- Security
- Preferred with 1.0x liquidation preference
- Co-investors
- Mubadala Health (lead) · BECO Capital · Dubai Healthcare City Authority (DHCA)
Thesis fit · Consumer, Healthcare & Life Sciences
Regulatory moatStrong
DHA telemedicine licence + DAMAN insurance integration together create a two-sided moat that took 3 years to establish and would take a new entrant 2–3 years to replicate.Najm strategic networkStrong
Najm's Abu Dhabi relationships with SEHA (Abu Dhabi government health system) and DAMAN (Abu Dhabi insurer) can directly accelerate Sehteq's Abu Dhabi government health contracts.Revenue trajectory and NRRStrong
2.2x YoY revenue with 124% NRR on corporate clients — strong retention validates product-market fit.Path to profitabilityPartial
Saudi expansion extends breakeven timeline to FY2028 — manageable but requires discipline on KSA capital allocation.ScalePartial
$30M revenue is early-stage; Najm's $30M check represents a large ownership stake (13.6%) with concentration risk in a single early-growth company.Risks + mitigants
DAMAN contract renewal risk — single insurer represents ~25% of revenue and 90% of insurance channelMitigant: AXA Gulf and Allianz MENA integration in progress; Mubadala Health's involvement accelerates SEHA/HAAD government health system pipeline
Saudi healthcare licensing — SFDA digital health regulations are stricter than DHA; SFDA approval timeline uncertainMitigant: KSA is 5% of current revenue; Sehteq can delay Saudi scaling without impacting UAE growth story
Aster Digital and hospital-backed competitors have structural patient funnel advantages via inpatient relationshipsMitigant: Sehteq's insurance integration and chronic disease management create a primary care relationship that hospital systems don't contest
Similar deals in playbook
Vezeeta (Egypt/Saudi telehealth)2024Passed
Passed on Vezeeta Series D at $180M — Egyptian market dynamics and lack of insurance integration made the unit economics weak. Sehteq's UAE insurance integration is the differentiating factor.Babylon Health (global benchmark)2022Watchlisted
Babylon's UK and US market struggles showed that telehealth without insurance reimbursement is economically fragile. Sehteq's DAMAN integration is the structural difference that Babylon lacked.Preliminary diligence items
1.DAMAN contract review — confirm term, renewal options, PMPM rate, and exclusivity
2.DHA telemedicine licence scope and renewal conditions
3.Pharmacy regulatory status — MOH dispensing licence and controlled substance permissions
4.Saudi SFDA regulatory pathway assessment with qualified local counsel
5.CEO Yasmine Al Masri references: Cleveland Clinic Abu Dhabi + McKinsey MENA
6.Clinical quality audit — telehealth consultation quality metrics and adverse event record
Deal progressionStage 3 of 6
InboundCIM received · initial parse
Quick LookMemo drafted · thesis match
Diligence scopingWorkstreams + owners definedWith: Reem Al Hashemi
Diligence activeData room · expert calls · model
IC memoDrafted → IC review
DecisionPursue · pass · watch
Co-investor set
Mubadala Health (strategic)
BECO Capital
Dubai Healthcare City Authority (DHCA)
Structure
1.0x liquidation preference