News
Using technology to give people access to mental health professionals
Although Egypt’s mental health policy was formulated back in 1978, the Egyptian government only spends 2% of its already meager national healthcare budget (3.4% of the national budget) on mental health and 59% of this budget is spent on public mental health hospitals.
In a 2015 report from the General Secretariat of Mental Health and Addiction Treatment, it was revealed that more than 12% of adults in Egypt had mental disorders and some sources put that number at 17%, that’s anywhere from 5 to 7 million people. If you compare that with the actual capacity of the mental health sector as reported by the Egyptian Initiative for Personal Rights being 15 hospitals, 62 clinics and 600 mental health practitioners, it becomes easy to realize the that system is not equipped to handle a problem of this magnitude. Combine that with the social stigma attached to mental disorders, the concerns about security and privacy and it’s easy to see why and how many patients find it difficult to find and receive the treatment they need.
There is certainly a market need and a real problem and that’s why Endure Capital, A15, and Angel Investor and former Senior Vice President at WebMD Karim Hussien are joining forces and investing 1.5M EGP in Shezlong. “We love ideas and startups that are the product of a real need and that have come to exist in order to address and solve a real problem in the community. That is what first attracted our attention to Shezlong and is ultimately a key reason why we invested in the team,” said A15 CEO, Fadi Antaki.
Shezlong is the first telemedicine platform in the MENA region to focus on mental health. It provides convenient and private counselling services through connecting individuals with licensed therapists using online audio and video technology. Today Shezlong is growing at 20% month over month with therapists from 6 countries serving clients in over 65 countries. In the future, Shezlong’s growth is planned to come through geographical expansion to the rest of the MENA region and through specifically targeting several customer segments like mothers and couples with marital disorders. Additionally, they plan on working with corporate companies to provide “Employee counseling services”. In the pipeline is also a chatting service that will enable anyone to chat with therapists through Whatsapp texting and voice notes – through an affordable monthly subscription.
“The idea of Shezlong came after I had a serious accident back in 2013. I suffered from severe depression and it was difficult for me to find a trustworthy and reliable psychiatrist. I was also handicapped because of the injuries, so I thought, why wouldn’t we have a mental health platform serving people wherever they are? That helps me find who the right doctor is and then helps me connect with them?” Said Ahmed Abu Elhaz, Shezlong’s CEO. “In 2014, we applied with our business plan to the TIEC government incubation program. We were provided with an office and a fund of 160K EGP to spend over a period of 1 year. By 2015, we had launched our platform, and worked on growing our medical team. Today and with the help of A15, Endure and Karim, we will be looking to expand our business further and work on reaching the people we know need mental health support” Added Abu Elhaz.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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