KLAIM, a Dubai, UAE-based HealthTech and FinTech startup that offers a SaaS medical claim management and financing platform all in one, raised $5 million in seed funding to help scale its receivable purchase operations in the UAE.
The round was led by venture capital firm Knuru Capital, with plans to increase the investment to $30 million by way of a pool of Sharia-compliant investors.
The funds will be used to support KLAIM’s medical claims receivable purchasing solution, which allows healthcare providers to quickly access working capital by selling their insurance claims that are pending payment and typically settled between 60 and 112 days.
“This financing will allow us to scale and help many more healthcare facilities. Financial stability of healthcare providers is crucial to the quality of their healthcare delivery," says Karim Dakki, CEO of KLAIM. “After one year since we did our first medical claim purchase transaction, we have now proven the business model and built a track record that institutional investors such as Knuru are very comfortable with. We are ready to scale with large debt facilities or fund structures. The capital provided by Knuru Capital will help us further contribute to this stability, ensuring that people in the UAE and across the GCC have access to better and more diversified healthcare."
KLAIM is already eyeing more funding. It is seeking institutional debt and a Series A round in the coming months.
Round: Seed Round
Funding Month: November 2022
Lead Investors: Knuru Capital
Company Website: https://www.klaim.ai/
Software Category: Claim intelligence & Funding
About the Company: Founded in 2020 by Karim Dakki and Ghafoor Ahmad, Klaim is a HealthTech and FinTech startup transforming healthcare billing and processing by combining a powerful AI-driven claim management SaaS platform and financing under one umbrella. Klaim.ai is built on cutting-edge technologies developed by a team highly experienced in revenue cycle management and powered by artificial intelligence. its offering has been designed to ensure efficiency and transparency on the full revenue lifecycle of a claim from appointment to cash reconciliation, helping increase their revenue through reduced claim processing time and errors, and faster payments. KLAIM's capital solution is particularly targeted at small and mid-sized healthcare providers that are not served by traditional lending businesses. It is dedicated to aiding healthcare SMEs by providing them with working capital to ease their cash flow burden. Its mission is to simplify healthcare payments for everyone.