Harneys advises Altibbi on series B fundraise

Harneys acted as British Virgin Islands counsel for emerging medical technology company Altibbi in a successful series B round. The funds will be used to expand their online pharmacy and diagnostic collection business in the steadily growing med-tech sector. This position will enable them to become the first publicly listed digital health unicorn IPO in the Gulf Cooperation Council.

Altibbi is a Middle Eastern and North African digital health platform founded in Jordan and headquartered in Dubai that has been in operation since 2008. The goal of the platform is to provide accurate and reliable medical information to users in the region in Arabic.

The Harneys team was led by BVI Corporate Partner George Weston with support from BVI Corporate Associate James Kitching. Harneys acted on instructions from Latham & Watkins.

George commented: “We are pleased to have supported Altibbi with their successful round of funding and we look forward to seeing them go from strength to strength. Altibbi’s choice of the BVI as a jurisdiction highlights its attractiveness to start ups and high growth companies due to its flexible corporate laws”

The Corporate team at Harneys advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg, and Cyprus corporate vehicles. The firm’s significant track-record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.