KLAIM has raised $5m in its latest funding round, which will help it scale receivable purchase operations in the UAE.
The capital was supplied by venture capital firm Knuru Capital. The firm plans to increase the investment to $30m by way of a pool of Sharia-compliant investors.
With the fresh funds, KLAIM plans to bolster its 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.
KLAIM is already eyeing more funding. It is seeking institutional debt and a Series A round in the coming months.
Based in UAE, KLAIM provides working capital to small and mid-size healthcare providers to ease their cash flow burden.
The company previously announced it is working on an alternative Sharia-compliant fund provided by Al-Khair Capital which is currently under regulatory approval by CMA in Saudi.
KLAIM CEO Karim Dakki said, “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.
“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 funds 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 diversified healthcare.”
The company previously raised $1.6m for its pre-Series A funding round in September 2021.
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