Phoenix leads second close of Nabta Health’s $3 million Pre-Series A

Nabta Health has secured new investment from Phoenix Venture Partners. Phoenix led the second close of the company’s ongoing Pre-Series A round, which is targeting $3 million. The amount raised in this closing was not disclosed. The transaction combines primary capital for the company with secondary capital used to purchase existing shares. It is not a new $3 million investment from Phoenix Venture Partners. Nabta Health is a UAE-based company founded in 2017 by Sophie Smith. It builds AI-powered preventive healthcare, with a focus on women’s health, early detection and care coordination. Its platform, Aya, combines digital services with clinical pathways. In November 2025 the company raised $2 million in a Pre-Series A round and said total funding then stood at $4.5 million. The current round is the continuation of that Pre-Series A process. Phoenix Venture Partners is based in Abu Dhabi Global Market and regulated by the Financial Services Regulatory Authority. Its contribution strengthens an existing relationship. Dr Musaid Al-Razoqi, a co-founder and non-executive board member at Phoenix and an early investor who previously served as executive chairman of Nabta, is leaving the Nabta board. The announcement does not say who will replace him. For an employer or insurer in the UAE the useful distinction is between primary money that reaches the company and secondary money that reaches existing shareholders. Only the primary portion adds cash to Nabta’s balance sheet. The secondary portion changes ownership. Because the split was not published, it is not possible to say how much new capital the company received in this close. The $3 million figure is the target for the whole round, not the size of the second close. The company said the funding supports commercial expansion and partnerships with employers, insurers and healthcare providers. Those are the stated uses for the round. They are not tied to a disclosed amount from this close. A partnership that is signed after 19 October can be counted. A partnership that was already in discussion cannot be attributed solely to this close. Nabta has previously been listed among TIME Magazine’s Top Health-Tech Companies and has worked with Clemenceau Medical Center Hospital Dubai on a Women’s Health Centre of Excellence. Those are earlier milestones. They are not results of the second close. The second close adds capital whose exact primary amount is unknown and removes one board member. A further limit is the stage. A Pre-Series A that is still open after a second close has not finished raising. The company can still accept more capital until it reaches or revises the $3 million target. Until the round is closed and the final primary total is published, the amount available for the commercial expansion remains incomplete. Other Gulf health-tech companies have used mixed primary-and-secondary closes when early investors want liquidity and the company still needs growth capital. The structure is common. The missing number is the split. Without it an observer cannot tell how much of Phoenix’s Cheque stayed in the company. A clinic or employer in Saudi Arabia or Qatar that is evaluating Nabta’s preventive offering will see the same product before and after the close. The product does not change because a secondary sale occurred. What can change is the company’s ability to support more contracts if the primary portion is material. That portion is not known. The departure of Dr Al-Razoqi removes a board member who had been involved since the early stages. The announcement does not link the departure to the secondary sale. It simply records both events. A reader cannot tell whether the secondary capital included his shares. Coverage of the announcement has sometimes described the event as a $3 million round led by Phoenix. That description collapses the target of the whole round into the size of one close and ignores the secondary component. The precise statement is narrower. It records a second close, a mix of primary and secondary capital, and an undisclosed amount. If Nabta publishes the primary amount received in the second close and the number of new employer or insurer contracts signed after 19 October, the close has a measurable effect. If the next line is only another reference to the $3 million target, count the cash that reached the company and the contracts that were signed. The figure missing is both.