Health-Tech startup KLAIM raises $1M Seed funding and secures backing from TechStars.

KLAIM, a UAE-based factoring and medical claim management SaaS platform, has successfully secured a Seed funding round from TechStars and a group of strategic regional investors.

KLAIM is a Fintech platform that aims to help healthcare providers who are bleeding cash every day due to delayed and rejected payments from insurance companies. KLAIM intends to minimize revenue loss and predict cash flows by streamlining the painful and outdated medical billing processes healthcare providers have to go through to get paid.

The founders Karim Dakki, Ghafoor Ahmad and Meriem Tamarzizt have built an easy to use technology that fits into the workflow of providers, meets the regulatory mandates healthcare organizations work under, and — perhaps most difficult of all — win the favour of overwhelmed physicians, clinicians and healthcare organizations.

Karim Dakki, Founder and CEO of KLAIM, commented, "It is fairly shocking to see that healthcare providers have to wait up to 6 months to get paid for the services they deliver to us. COVID-19 has put enormous stress on the healthcare system globally. Claim rejections and payment delays are further threatening the financial stability of clinics, hospitals and pharmacies. When healthcare providers are limited by unpredictable cash flow they are unable to pay highly qualified professionals, reducing the quality of the medical care we all receive. Yes, it's impacting the providers, but indirectly it's impacting every one of us."

The CEO of KLAIM continued, "Essentially, by helping healthcare providers manage their claims and get paid faster, our goal is to improve the quality of the medical care you are receiving."

KLAIM plans to use the funds to grow its presence in the UAE and expand its operations into Saudi Arabia by H1 2021. The startup's vision is to become the leading one-stop-shop specialized healthcare payment network or the "Stripe" / "Paypal" of healthcare.