Brazil-based healthcare benefits management services’ startup Pipo announced on Wednesday that it raised a $4.6 million (BRL 100 million) round led by Thrive Capital, with the participation of Atlantic, monashees, Kaszek, OneVC, and venture capital industry executives.
Despite having already invested in Nubank, Loft, and Pitzi, this is the first time Thrive Capital, one of the largest U.S. healthcare investors, is leading a round in Latin America, according to the startup.
According to Pipo CEO and co-founder Manoela Mitchell, the funds from the round will be used to double the startup‘s team to up to 200 employees by the end of the year, as well as invest in technologies and data.
Created two years ago, Pipo provides insurance brokerage services for companies with 100 to 1,000 employees and uses data science to help clients minimize their expenses with health plans, which usually always rise above inflation.
In addition to brokerage, the startup automates bureaucratic hiring and operating processes by companies’ human resources departments.
“We have been able to save about 20 percent a year for our clients,” Mitchell told Reuters.
Pipo has about a hundred clients in technology-based companies, such as home goods portal MadeiraMadeira and road transport app Buser.
More recently, the startup has also started providing direct support services to employees of client companies, including guidance on preventive health and recommendations for better use of the accredited network with a health concierge.