Brazilian health tech Memed has announced a new BRL 100 million funding round co-led by venture capital and private equity manager DNA Capital, Singapore-based global investment firm Temasek, and Fit Participações.
The investment is an extension of the round announced in June when DNA Capital raised an exclusive fund of BRL 300 million to acquire the stake of the company’s shareholders and assume control of the business. At the time, Redpoint Eventures, Qualcomm Ventures, and Monashees exited the startup.
The decision to allocate 100% of a fund’s resources to a single company shows the momentum of the health-tech sector and the potential attributed to Memed, a platform that brings together services for doctors, patients, pharmacies, and other participants in the health ecosystem.
At the time, Luiz Henrique Noronha, DNA Capital’s partner, explained that Memed’s ace in the hole is to develop technologies that benefit all players in the health sector. “With this fund, we will provide Memed with capital to continue its growth journey and stay at the forefront of product development for medical records, telemedicine services, and hospitals,” he said.
The flagship product of Memed, founded in 2012 by Ricardo Moraes, Rafael Moraes, René Moraes, and Marcel Ribeiro, is its digital prescription platform, which serves more than 250 healthcare companies in Brazil and is used by about 150,000 doctors, managing 2.7 million prescriptions per month. According to the company, in the last 12 months, the volume of digital prescriptions on its platform has grown by 400%. In addition to prescriptions, Memed has also developed a kind of marketplace for medicines and exams with more than 60,000 items.
Most of the funds from this new round will be invested to scale the product, technology, and clinical intelligence areas to enhance the experience of all players in the healthcare ecosystem who engage with the company.
“This round will allow us to generate more value for our partners, whether doctors, operators, insurers, cooperatives, hospitals, telemedicine players, as well as for the more than 2.2 million unique patients who benefit from Memed’s technology every month, whether for purchasing medications or scheduling exams,” said Joel Rennó Jr, Memed’s CEO.