Matheus Moraes, André Florence, and Guilherme Azevedo, co-founders of Alice. Photo: Bruno Fujii/Alice/Courtesy

SoftBank leads $127 million funding round for Brazilian healthcare startup Alice

It is the biggest round for a health tech startup in Latin America and, according to its CEO and co-founder André Florence, it will be used in technology and expansion of the startup's services

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Brazilian healthcare startup Alice has raised $127 million in its series C funding round led by Softbank Latin America Fund, the company said on Tuesday – the largest round to a health tech startup in the region so far. Without revealing the new valuation of the health tech startup, CEO and co-founder André Florence said that the new funding will be used in technology and the expansion of Alice’s services to companies interested in offering them as a benefit to their employees.

“This round demonstrates how much the market trusts our vision and the company we are building. This greatly increases our responsibility; we know that; we want that and we are going to the arena to contribute to positive change in the world,” the founders wrote in an open letter posted on the company’s website – in addition to Florence, the letter is signed by Guilherme Azevedo and Matheus Moraes.

Other investors include shareholders Kaszek Ventures and ThornTree Capital Partners and new investors such as Allen & Company LLC, G Squared, Globo Ventures, and StepStone.

Alice recently acquired startup Cuidas, focused on providing healthcare products to companies. Paolo Passoni, director at Softbank Latin America Fund, said that less than 25% of Brazilians have access to private healthcare and Alice is one of the companies trying to tackle the healthcare problems.

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In February, Alice raised $33 million in a round led by ThornTree Capital Partners. Fundraising for health techs focused on coordinated care has been soaring in LatAm. Last week, Brazil’s startup Sami raised BRL 111 million in a Series A extension.

Alice was launched in June 2020, in the middle of the pandemic, with an infusion of $16 million from the founders André Florence and Matheus Moraes (former financial director and president of the ride-sharing app 99), and Guilherme Azevedo (co-founder of another health-tech startup Dr. Consulta), in addition to the Latin American funds KaszekCanary and Maya Capital, after 15 months incubated.

The idea is to use technology to do “coordinated care”, that is, the patient’s health data is concentrated in Alice’s app, integrated with an individual health plan. In this way, the operations of hospitals, doctors, and the health team are integrated within the app. When entering the plan, the user goes through an “immersion” with one of Alice’s doctors.

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What the startup proposes is a tech solution with this consolidated medical information, in addition to the accredited private health care network, which health plans traditionally offer. Alice has partnerships with laboratories and hospitals, such as Fleury and Oswaldo Cruz, in the city of São Paulo.

The startup, focused in the Sao Paulo metropolitan area, provides healthcare to around 6,000 people and has 10 hospitals and 200 medical labs as partners.