Brazilian healthtech raises US$6.7 million to enter digital health era

RIO DE JANEIRO, BRAZIL – Founded in 2017 and currently serving 1.5 million patients per year, healthtech startup Nexodata has raised R$35 (US$6.7) million in a new investment round announced today, with participation of companies such as Meli Fund, Mercado Libre, and Albert Einstein.

The company connects physicians and pharmacies in 3,000 Brazilian cities and expects revenues of R$400 million in the purchase of medicines with digital prescriptions in 2021.

Nexodata is drawing attention in the Brazilian health market for being able to act as a health systems integrator, nowadays either dispersed or non-existent in hospitals and clinics.

Nexodata was founded by Pedro Dias and Lucas Lacerda, who also co-founded startup Vitta, owned by fintech Stone since an acquisition last year. Physician Antonio Carlos Endrigo became one of the company’s partners shortly after its foundation.

The digital health sector is booming in Brazil and worldwide. According to Distrito data, Brazilian healthtechs received US$400 million between 2014 and 2020. Globally, the healthcare startups sector has handled over US$40 billion in the past five years.

Nexodata will use the new investment to advance into the digital age of healthcare, a field boosted by the novel coronavirus pandemic, which has led to increased online medical care and more digitized medical systems.

“In recent months, we have experienced a scenario of accelerated digitization, across all segments. We feel that this trend has been even greater in the healthcare sector. This funding should help us keep up with the needs of this new reality, enabling strategic operational expansions and simplifying the daily lives of patients, health professionals and the entire pharmaceutical sector,” said Pedro Dias, Nexodata’s founder and CEO.

One of the startup’s plans is to develop an online store in the marketplace format, where patients with digital prescriptions may buy medicines. The startup’s network of business partnerships currently includes 25,000 pharmacies.

In 2021, Brazilian startups posted their best semester ever in terms of venture capital funding. The amount raised reached US$5.2 billion, compared to R$3.5 billion last year.

The amount of funds received by Brazilian startups in the first semester this year alone exceeds by 40% the funds received in the whole of 2020, according to data released by Distrito.